Can a house be put in trust?

Answer 1

The most common reasons are to protect it from creditors, to protect it in a divorce proceeding, to protect it from inheritance by an undesirable heir, to protect it from the government and to avoid probate.

Answer 2

If the trust is properly drafted the property can be removed from your estate entirely. A trust can make property out of reach to creditors, some taxes, probate and any individuals the trustor wants to be unable to access the property. However, the trust must be drafted by an expert in trust law. If the grantor retains any power over the trust property, it will be vulnerable to creditors and taxation. You need to consult with an attorney with a great reputation who is an expert in trust law. She/he can review your situation, your needs and explain your options.

Answer 3

Yes providing it is done by the legal owner. You need to draw up a Deed of Trust and as these are legal documents and can be challenged at a later date you should have a solicitor draw this up.

Answer 4

To protect unscrupulous people from trying to take ownership after the owner dies. Also a trust can be set up to where ownership is by several different people, like any heirs that you may leave property to.

Answer 5

Putting a house into a trust allows you to pass ownership to another as a gift. It allows for the avoidance of probate court and its cost.