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Wayne H. Wagie - President
The Wonderful World of Real Estate
Living Trust
Author
The benefits of a living Trust
To avoid Probate.
Its costs and length of time it may take to resolve all of your assets.
Most of all the peace of mind for all concerned in your estate.
Your estate includes everyone involved in your estate not just your heirs.
As most real estate exchangors, you may have a complicated estate and you may be the only one who really understands the estate.
Your estate is more than just money to you.
If your estate would go into probate, that is what it would be reduced to, just money.
Most of us are exchangors because of all of the interesting experiences, our creativity and knowledge, the love of exchanging.
The ones closest to you, your heirs appreciate that, and should be allowed to continue to manage your estate in the same manner as you managing now.
Create a Living Trust
Create a living trust and move all of your assets into the living trust.
You make yourself the trustee of the living trust and manage your assets as you are now doing.
At a time when you feel you no longer want to manage the estate, you name a successor trustee, and the estate will then be managed by the successor trustee.
When your estate moves on to your heirs, the living trust will have a new stepped - up - basis of market value at that time.
Depending how well your heirs manage the estate, will determine if they escape paying capital gains.
Each of your properties should be titled into individual Land Trusts.
Example
2035 Trust John Doe as Trustee. (See article on Land Trust)
Moving your properties into a Land Trust and creating a living trust, will make your life much more enjoyable.
Good Reasons to have a Living Trust.