As a homeowner, protecting the value of your property and ensuring that the equity can be passed along to your heirs in the future may be important to you. Therefore, you should consider putting the house into a trust as part of your financial planning strategy.
Regardless of your age or financial situation, we recommend that you set up a living trust. This legal document includes essential information such as your Durable Power of Attorney and Advanced Healthcare Directive. Additionally, you can choose where your assets go if something happens to you in the future.
How Real Estate Is Handled in California
As a California homeowner, your name is most likely on the deed for the house. However, you are still the home’s legal owner when you pass away. Creating a trust is a legal tool that passes the property to the living family member/s or friend/s who you would like to own the property after you are gone.
If you do not have a trust in place, the real estate is categorized as “intestate,” and the California government takes over at this point.
With a revocable trust, you have complete control over the properties and assets while you are alive. You can sell, transfer, or change the assets as you desire. But once you pass away, there are specific instructions for how the property is managed. At that point, the trustee takes over to ensure the assets are handled according to the instructions in the trust.
Benefits of a Trust
The most notable benefit of creating a trust is that you have peace of mind knowing that you are prepared for anything that might happen in the future – expected and unexpected life circumstances. In addition, this process protects your estate so that everything is distributed according to your wishes.
Creating a comprehensive financial plan is an essential step to help your money stay in the family. Of course, you want the assets to go to your spouse and children.
A living trust also offers the benefit of privacy since trusts are not recorded in the public record. Without a trust, the assets go through probate and are handled by the court, which means the family financial matters go into the public record.
At Bulman Wealth Group, we partner with an estate attorney to help you set up a trust to protect your real estate holdings and other assets. Additionally, our team is here to help with comprehensive financial planning services. Contact us today to learn more about strategies to prepare for the future.
Disclosure: All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training. Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted. Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.
Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.
Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.
Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted.
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.
Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
