When buying a house, should you put it in the name of your trust?
When buying a house, should you put it in the name of your trust? At closing, can I put my home into the name of my trust? Watch as Attorney Tom Olsen answers these questions and more!
Brian: Hi. We’re about to buy a house and I have a trust. Now I was wondering, do I need to put it in my trust name because I just heard you say that?
Attorney Tom Olsen: Yes, Brian. Are you borrowing money to buy this house?
Attorney Tom Olsen: Your lender is not going to let you buy this house in the name of your trust. So Brian, you only have one choice and that is taking this home and put it in your individual name or you and your wife’s name. Now after you close, then you can think in terms of adding this home to your trust.
By the way, Brian, when we do this, we do not simply put your home in your trust or your investment property. We do an enhanced life estate deed and that deed would state that as long as you are alive, it is in your individual name, but the moment you pass away, and then it automatically goes to your trust. No headaches, no hassles, no probate and it can move out of your trust with no probate.