Q: I own a house with my daughter. I want to put my part of the house in trust for her. Is this difficult?
A:
As a process, it is not inherently difficult, though you definitely need to obtain the assistance of an experienced estate planning attorney to accomplish it.
That said, Trusts can range from relatively simple to extremely complex. It will depend on what you want to accomplish with the Trust.
Also, consider why you want to put your part in Trust. Trusts can be very useful tools and accomplish many useful purposes. It is important to remember though that they also create a new entity to be responsible for. A Trust is treated similarly to a business entity in that it has to file its own tax returns, its assets have to be managed separately from your own, and detailed records must be kept.
Depending on what you are trying to accomplish by putting your part of the house into Trust, it could be that there are other options that might be a better fit. It isn't always worth the extra work and responsibility that comes with a Trust. When it's the right fit, there is no better tool. Consulting with an experienced estate planning attorney will give you the opportunity to explore what you want to accomplish with this bit of estate planning and what your options are so that you can be sure you're using the tool that is the best fit.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
