For many people, their home is their most valuable asset — financially and emotionally. Whether it’s the place where you raised your family or the property you’ve worked hard to pay off, protecting your home through proper Estate Planning is essential. One of the most effective ways to safeguard your home and ensure it passes to your loved ones according to your wishes is by placing it in a Trust.
At MCV Law, our experienced Estate Planning attorneys help individuals and families across Central New York understand their options and establish customized Trusts that protect what matters most.
What is a Trust?
A Trust is a legal arrangement that allows you to transfer ownership of your assets — like your home — to a separate legal entity managed by a trustee. Depending on the type of Trust you choose, you may still retain control over your home and other assets during your lifetime, while providing clear instructions for how those assets should be handled after you pass away.
MCV Law offers assistance with multiple types of Trusts, including:
- Revocable Trusts
- Irrevocable Trusts
- Special Needs Trusts
Each type serves different purposes, but when it comes to putting your house in a Trust, Revocable and Irrevocable Trusts are the most commonly used.
Benefits of Putting Your Home in a Trust
1. Avoid Probate
When you pass away, your home (and other assets) may otherwise have to go through probate — a legal process that can be time-consuming, costly, and public. Assets held in a Trust generally avoid probate, allowing your home to transfer directly to your beneficiaries much faster and more privately.
2. Protect Your Privacy
Probate is a public proceeding, meaning that your estate's details, including the value of your home and who inherits it, become part of the public record. A Trust keeps this information private, shielding your family from unnecessary scrutiny.
3. Maintain Control During Your Lifetime
With a Revocable Trust, you can remain the trustee of your Trust, meaning you maintain control of your home and other assets. You can amend or revoke the Trust at any time, providing flexibility if your circumstances or wishes change.
4. Plan for Incapacity
If you become incapacitated due to illness or injury, having your home in a Trust ensures that a successor trustee whom you designate can step in to manage the property on your behalf without needing court intervention.
5. Potential Tax Advantages
In some cases, placing your home in an Irrevocable Trust can offer estate tax benefits and help preserve assets from certain creditors or long-term care costs. However, this type of Trust limits your control over the property, so it’s important to discuss the pros and cons with an experienced Estate Planning attorney.
Why Not Just Use a Will?
While a Will allows you to specify who should inherit your home, it does not avoid probate. If your goal is to streamline the transfer of your home to your loved ones and avoid the delays and costs of probate, a Trust is typically the better option.
Get Personalized Guidance from MCV Law
Every family’s needs and goals are different. That’s why our Estate Planning attorneys at MCV Law take the time to get to know you, understand your objectives, and design a Trust tailored to your unique circumstances.
Whether you want to:
- Avoid probate
- Protect your home from potential future creditors
- Provide for a loved one with special needs
- Plan for future incapacity
MCV Law is here to help you create a plan that gives you peace of mind. Schedule a Free Consultation with MCV Law’s Estate Planning Attorneys today.
If you’re considering putting your house in a Trust or want to learn more about your options, contact MCV Law today for a free consultation. With offices in Syracuse, Chittenango, and Auburn, we proudly serve clients throughout Central New York.
Let us help you protect your most valuable asset — your home — and secure your family’s future.