Jensen and Company

  • About
    • Testimonials
    • Our Videos
    • Contact Us
    • Blog
  • Search
    • Significant Sales
      • Luxury Mountain Living
    • Featured Properties
    • Property Search
    • Most Recent Properties
  • Park City
    • Buy in Park City, Utah
    • Sell in Park City, Utah
    • Park City Homes & Condos For Sale
    • Park City Real Estate
  • Deer Valley
    • All Deer Valley Real Estate
    • Deer Valley Homes & Condos For Sale
  • Communities
    • Old Town
    • Thaynes Canyon
    • Lower Deer Valley
    • Deer Crest
    • Upper Deer Valley
    • Empire Pass
    • Aerie
    • Prospector
    • Park Meadows
    • Canyons Village & Colony
    • Sun Peak | Bear Hollow
    • Silver Springs
    • Old Ranch Road
    • Kimball Junction
    • Pinebrook
    • Summit Park
    • Jeremy Ranch
    • Glenwild | Silver Creek
    • Trailside Park
    • Promontory Area
    • Jordanelle Area
    • Midway | Charleston
    • Heber City
    • Kamas & Marion
    • Huntsville – SnowBasin
  • Buy
    • Deer Valley Real Estate
    • Park City Homes & Condos For Sale
    • Park City Real Estate
    • Deer Valley Homes & Condos For Sale
  • Sell
    • Why Sell With Us
  • Discover
    • Park City Events Calendar
    • Featured Attractions
    • Local Ski Resorts
    • Park City Local Vendors
    • Our Infographics/Resources

PARK CITY REAL ESTATE

tel Call : 435.901.8333

8 Reasons Why Jensen and Company Encourages Homeowners To Consider Including Their Real Estate In A Living Trust

December 29, 2017 by Jensen & Company

For many, one’s most valuable asset is their real estate. Whether you own a house, condo or property, you can (and should) add these assets to a living trust. A living trust is a document that acts somewhat like a will. It is typically drafted by an attorney. Along with real estate assets, you would also include assets such as stocks and bonds, bank accounts, small business interests, valuable collections, art or antiques, patents or copyrights, automobile titles, and precious metals or jewelry.

Three entities are involved in the trust.

  • The Trustor – The person who created the trust (you)
  • The Trustee – The person who manages the trust (you again)
  • The Beneficiary – The person/people who benefit from the trust (the people you pass your assets onto once you die, ie. children, charities, friends, etc.)

As the trustor, you decide which assets to place in the trust, control the terms of the trust, and retain and manage the assets while living. When you die, one of two things happen: your spouse can take over the living trust or the assets are passed on to the beneficiaries listed in the trust.

At Jensen and Company we recommend that homeowners establish a living trust which includes their real estate. However, it is best to discuss your personal circumstances with your lawyer to determine what is best for you.

8 Great Reasons For Placing Your Real Estate In A Living Trust

Reason #1: The major benefit of this addition is to make sure the house or other real estate assets doesn’t have to go through probate. This saves the trustee time and lots of money. In general, the more an item is worth, the more it will cost to probate it.

Reason #2: One can add property to their living trust at any time, even if they’re mortgaged.

Reason #3: As the trustor, you can always sell or gift property in the trust. You can also take it out completely or put it solely in your name.

Reason #4: Transferring real estate into a living trust doesn’t require a tax reassessment – even in states that demand a reassessment upon the transfer of title.

Reason #5: Conservatorship can be avoided with a living trust. If the trustee becomes incapable of managing the trust (while still living), they have an established Disability Trustee documented in the trust that automatically steps in to manage the trust for the trustee.

Reason #6: After your death, anything listed in the trust and passed to beneficiaries is private; whereas items listed in a will become public knowledge.

Reason #7: For married couples – if you and your spouse’s estates exceed the federal estate tax exemption or your state’s estate tax exemption, then a living trust can make you exempt from estate taxes. This is done by setting up multiple trusts and dividing the assets between them equally. Of course, this will need to be determined by the lawyer who helps you draw up your trust.

Reason #8: If you die and your spouse takes over the trust, they cannot change the beneficiary of an asset. One example would include a husband dying and his current wife removing children from a different marriage from the trust as beneficiaries.

While you don’t technically own the assets when they are transferred to your living trust (as they are now owned by the trust itself) you maintain full control over them as the trustee. Most living trusts are revocable, meaning you can change the terms at any time in your life or you can dissolve the trust completely. The trust becomes irrevocable once you die, however. It cannot be changed so it is important to maintain your trust and it’s assets as they are bought, sold, etc.

Thanks for signing up!

Registration

If your interested in getting regular updates from us with new content please join the Jensen And Company mailing list. We look forward to keeping you informed.

Blog
General Interest
Newsletter

By submitting this form, you are granting: Jensen And Company, 1153 Center Dr Ste G200, Park City, UT 84098, United States, http://216.120.250.209/~jensenandcompany permission to email you. You may unsubscribe via the link found at the bottom of every email. (See our Email Privacy Policy for details.) Emails are serviced by Constant Contact.

Filed Under: Blog

tel Call : 435.901.8333

About Jensen and Company

Brad Jensen has been a top realtor since 1988. He is one of the most respected agents in Utah and would be happy to assist you in selling your home or buying a new home. It is Jensen and Company's goal to help make your real estate transaction as easy and stress-free as possible. Our blog has lots of great information and market intelligence to help you learn more about the Park City real estate market. Please contact us if you have any questions. We would be happy to assist you.

Recent Posts

  • Best Ski Runs in Park City With Stellar Views
  • Jensen & Company New Real Estate Developments
  • Sundance Film Festival Will Be Viewed Differently in 2021
  • Signs that the Real Estate Market is Shifting
  • Top Skiing Near Park City and What To Expect This 2021 Ski Season
  • Home Improvements To Do This Winter
  • The Differences Between Buying an Investment Property Versus A Home
  • Home for the Holidays in Park City
  • Park City Aiming to Become Utah’s Next Dark Sky Community
  • Park City Celebrates its 10th Year of Live PC Give PC with a Bang
  • Why You Should Add Heated Floors to Your Park City Home
  • Biggest Home Offer Variables
  • How to Spend Fall in Park City, UT
  • Negotiable Closing Costs When Buying or Selling a Home
  • The ABCs of Park City
Join Our
Newsletter Today...

Copyright © 2021 · Dynamik-Gen on Genesis Framework · WordPress · Log in

Resources

  • Park City Local Vendors
  • Communities
  • Featured Attractions
  • Explore The Slopes
  • Privacy Policy
  • Site Map

Need Assistance?

  • Contact Us
  • Blog
  • Testimonials

Connect With Us

Follow Us on FacebookFollow Us on TwitterFollow Us on LinkedInFollow Us on InstagramFollow Us on PinterestFollow Us on YouTubeFollow Us on Vimeo

Get in Touch

Jensen and Company
1153 Center Dr Ste G200
Park City, UT 84098
ftel Call : 435.901.8333

brad
Brad
crystal
Crystal

foot-logo© 2019 JensenandCompany.com

Jensen & Company PLLC BBB Business Review

  • About
    ▼
    • Testimonials
    • Our Videos
    • Contact Us
    • Blog
  • Search
    ▼
    • Significant Sales
      ▼
      • Luxury Mountain Living
    • Featured Properties
    • Property Search
    • Most Recent Properties
  • Park City
    ▼
    • Buy in Park City, Utah
    • Sell in Park City, Utah
    • Park City Homes & Condos For Sale
    • Park City Real Estate
  • Deer Valley
    ▼
    • All Deer Valley Real Estate
    • Deer Valley Homes & Condos For Sale
  • Communities
    ▼
    • Old Town
    • Thaynes Canyon
    • Lower Deer Valley
    • Deer Crest
    • Upper Deer Valley
    • Empire Pass
    • Aerie
    • Prospector
    • Park Meadows
    • Canyons Village & Colony
    • Sun Peak | Bear Hollow
    • Silver Springs
    • Old Ranch Road
    • Kimball Junction
    • Pinebrook
    • Summit Park
    • Jeremy Ranch
    • Glenwild | Silver Creek
    • Trailside Park
    • Promontory Area
    • Jordanelle Area
    • Midway | Charleston
    • Heber City
    • Kamas & Marion
    • Huntsville – SnowBasin
  • Buy
    ▼
    • Deer Valley Real Estate
    • Park City Homes & Condos For Sale
    • Park City Real Estate
    • Deer Valley Homes & Condos For Sale
  • Sell
    ▼
    • Why Sell With Us
  • Discover
    ▼
    • Park City Events Calendar
    • Featured Attractions
    • Local Ski Resorts
    • Park City Local Vendors
    • Our Infographics/Resources