Houston Estate Planning and Elder Law Attorney Blog
According to the National Association of Realtors, the pandemic has brought on an unprecedented amount of home sales in Texas and throughout the United States. As home sales increased, mortgage rates hit record lows, encouraging quarantined home buyers to jump-start their searches. Those who have bought or sold a home during this time should contact a Houston estate planning attorney to discuss their financial future.
Estate planning is a critical process that allows individuals to protect their assets, businesses, and loved ones. Although many people erroneously believe that estate plans are reserved for older wealthy individuals, that can not be farther from reality. The modernization of estate planning makes it an accessible and necessary way for people to safeguard their interests.
Developing a binding and effective estate plan will ensure that a person’s home goes where they want it to go after they pass on. One way to meet these goals is by placing a home in a trust. Estate planning laws do not require homeowners to own their home outright to transfer it to a revocable trust. Transferring a home into a trust allows family members to avoid going through a complex and lengthy probate process. There are many options on how best to do this, depending on the homeowner’s specific situation.