Question: I have three children. I don’t know if any of them would like to keep the house after my death. Will a trust solve this dilemma?
Answer: Yes, a trust can potentially help you solve this problem. You can leave instructions in your trust for the house to be sold upon your death with the proceeds designated for your three children. By ensuring your home is controlled by the instructions in your trust, you can be more assured that it will be sold or even transferred to one of your children should a child wish to keep it.
So in the case where a child wants to keep the home, to equalize the value to each child, the market value of the house would be determined at your death and the child receiving your home would get a smaller share of other assets. Another possibility if still not equal is that you can provide that the child receiving the house can buy it from your other children.
By using trust planning, you can leave complete instructions about how you want to distribute any asset, including a house, that you own when you die.
As always, if you have any questions or would like to learn more, please contact Steve Shane at firstname.lastname@example.org or .
ABOUT STEVE SHANE
Steve Shane provides strategic counseling to clients in need of estate administration, charitable giving and business continuity planning while minimizing estate, gift, and generation-skipping transfer tax exposure. He offers legal guidance to clients on asset protection and the proper disposition of assets in accordance with the client’s objectives, while employing tax planning techniques such as the use of irrevocable trusts, life insurance planning, lifetime gifts and charitable trust. He is also experienced with drafting documents for business planning, the incorporation and application for exemption for Private Foundations and the administration of decedents’ estates.
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