When you are making estate planning decisions, you have to understand how much value your assets have. For instance, to sell or refinance your home or other real estate property, you'll likely need a real estate appraiser to determine what the home is worth. Before selling the home, you can discuss with a professional if it is valuable to place your home in a trust. This solution has a number of benefits. If you are unfamiliar with this method of property transfer, below is an introduction to some of the advantages of a living trust.

What Is a Living Trust?

A living trust is a legal entity created during a person's lifetime, into which the grantor places assets or real property. The trust is managed by a trustee, and often the grantor can also be the trustee. They have a fiduciary duty to manage the assets to the best of their ability, in trust for the grantee or beneficiary. Although the grantor no longer has title to the property included in the trust, he or she can still exercise control over it. If they are also the trustee, they can dissolve the trust, reclaim the property, and dispose of it at will. They can then discuss with a real estate appraiser to explore different options for selling the house. It makes a convenient and flexible solution for property transfer and has advantages over leaving a property in a will.

What Are the Benefits of It?

The primary benefit of a trust is that property transferred by the trust does not need to go through probate, which is a court-overseen procedure that can take months or years to complete. It also simplifies the process of ownership transfer if the grantor owned properties in multiple states, each of which might have separate probate rules. It also keeps assets out of the public record and therefore protects the grantor's privacy. Once the grantor dies, the trustee can immediately begin taking steps to transfer ownership to the grantee according to the grantor's instructions. This may require selling the property and hiring a real estate appraiser to determine a fair price. 

If you’re looking to hire an experienced real estate appraiser, contact Concept Appraisal Services in Littleton, CO. They have served clients in Denver, Douglas, Jefferson, Arapahoe, Park, and Clear Creek counties for more than 15 years. They also specialize in estate settlement and tax assessment appeals as well as bankruptcy and divorce appraisals. Visit their website to view their services or call (303) 506-6254 to request a free quote.