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which would mean that your children would not be
able to quickly sell it and will have to pay maintenance, taxes, etc.
If you want your children to have the least aggravation and eliminate fees, costs and time, a Revocable Living Trust makes the most sense. At the time
you sign the Trust, you would also sign a Deed
whereby you transfer the property from your names
individually to you as Trustees of your Trust. This
does not change your ability to sell your home, get a
mortgage or refinance. You continue to claim your
homestead exemption. In fact, owning your home
as Trustees of your Trust does not change anything
except that when you both pass away, there will be
no probate of your home.
You should consider having a Durable Power of
Attorney to take care of your legal and financial
affairs outside of your Trust. In addition, there is a
document called a Designation of Health Care Surrogate which provides for making all medical decisions
in the event of incapacity. The final document is a
Living Will, to be allowed to die naturally if there is
no hope. These documents are separate from a
Revocable Living Trust.
The Trust document is called revocable because
you can change it or terminate it at any time during
your life. If you wish to make changes, an amendment to the Trust is prepared. The original Trust
document remains in effect except as to any amendments.
This article summarizes the basic concepts
involved in a Revocable Living Trust, Durable Power
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