Q: My neighbor put her house in a trust. Should I put my house in a trust?
A: Whether or not your house should be held in a trust depends on your unique circumstances and goals. Owning your home in a living trust means that it will avoid probate at your death. Certain types of trusts can also be used preserve your home for your family in the event you need long-term care. That type of trust is an irrevocable trust. Although an irrevocable trust can provide asset protection, it also means that you give up unfettered access and control over your home. For some people, the adverse consequences of putting their home into an irrevocable trust outweigh the benefits.
Whether transferring your home into a revocable or irrevocable trust is right for you can only be determined after you review the advantages and disadvantages of such a transfer with your attorney in light of your particular circumstances and goals.