2007-10-22 05:48:20 · 3 answers · asked by beyond paradise 4 in Business & Finance ➔ Renting & Real Estate
The deed of the house (and other assets) are placed in a nonrevokable living trust so that after death the trust is distributed according to the will to the heirs without going to probate. This is a way to protect assets and to avoid disclosing publicly the terms of your will. Avoiding probate will save time and money.
2007-10-22 05:57:56 · answer #1 · answered by Diane M 7 · 0⤊ 0⤋
It is a probate avoidance device. Simply stated, the owners of a house (Mom & Dad) establish a family trust that provides that when they die the property passes to their heirs without the time and expense of probate. Their home is then deeded into the trust and they continue the rest of their lives as if nothing had changed.
2007-10-22 12:54:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
it means you leave the house and any money made from the sale of it to who ever is in the trust
2007-10-22 12:53:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋