Posted on: 03rd Aug, 2010 08:47 am
To do this I will get the advice of an attorney, but I have the following questions:
If I write a revocable trust, can I still sell my home without telling my beneficiaries?
If I write a will, can I sell my home without telling my beneficiaries?
If I write any or both documents, should I tell the beneficiaries and/or give them a copy?
What is the difference between a revocable trust and a will?
Do I need to have both documents?
If I write a revocable trust, can I still sell my home without telling my beneficiaries?
If I write a will, can I sell my home without telling my beneficiaries?
If I write any or both documents, should I tell the beneficiaries and/or give them a copy?
What is the difference between a revocable trust and a will?
Do I need to have both documents?
Welcome laurita,
You can sell off the property though you place them in a revocable trust. However, in order to sell it off, you will have to remove the property from the trust.
Whether your property is placed in a trust or you draft a will, you'll be able to sell off your property. You can inform the beneficiaries regarding the sale of the property.
You do not need a will as well as revocable trust, both. A will needs to be probated after the grantor's death and it will be recorded at the Court. Thus, wills normally lack privacy. On the other hand, revocable trusts are easier to formulate and gives you complete privacy. However, in both cases, the trustee (i.e. you) will have complete control over the property.
You can sell off the property though you place them in a revocable trust. However, in order to sell it off, you will have to remove the property from the trust.
Whether your property is placed in a trust or you draft a will, you'll be able to sell off your property. You can inform the beneficiaries regarding the sale of the property.
You do not need a will as well as revocable trust, both. A will needs to be probated after the grantor's death and it will be recorded at the Court. Thus, wills normally lack privacy. On the other hand, revocable trusts are easier to formulate and gives you complete privacy. However, in both cases, the trustee (i.e. you) will have complete control over the property.