|
|
Post by BWV Dreamin on Jul 9, 2024 12:46:44 GMT -5
One main reason for putting our DVC and home into the revocable trust is to avoid probate. This is really important fo u concerning DVC as they are titled in the state of Florida and we live in Pennsylvania. Also, we have it set up that should both of us expire, our children will automatically have a revocable trust created that these properties could seamlessly move into should they want to continue to own DVC. If they don’t, there is no obligation to own and our DVC will simply be sold off.
Also, your assets held within the trust will not be publicly available to others. So a great way to keep that financial info private.
|
|
|
|
Post by brp on Jul 9, 2024 12:54:39 GMT -5
One main reason for putting our DVC and home into the revocable trust is to avoid probate. This is really important fo u concerning DVC as they are titled in the state of Florida and we live in Pennsylvania. Also, we have it set up that should both of us expire, our children will automatically have a revocable trust created that these properties could seamlessly move into should they want to continue to own DVC. If they don’t, there is no obligation to own and our DVC will simply be sold off. Also, your assets held within the trust will not be publicly available to others. So a great way to keep that financial info private. All good points. But my understanding is that, if they are on the title with us, then they simply own it if we die before the contracts expire. Should be no probate as they are simply owners, as I understand. Does that sound right?
Cheers.
|
|
|
|
Post by BWV Dreamin on Jul 9, 2024 13:17:12 GMT -5
One main reason for putting our DVC and home into the revocable trust is to avoid probate. This is really important fo u concerning DVC as they are titled in the state of Florida and we live in Pennsylvania. Also, we have it set up that should both of us expire, our children will automatically have a revocable trust created that these properties could seamlessly move into should they want to continue to own DVC. If they don’t, there is no obligation to own and our DVC will simply be sold off. Also, your assets held within the trust will not be publicly available to others. So a great way to keep that financial info private. All good points. But my understanding is that, if they are on the title with us, then they simply own it if we die before the contracts expire. Should be no probate as they are simply owners, as I understand. Does that sound right? Cheers. True but what if your heirs don’t want it? They are obligated once on the title. I didn’t want to put that burden on my children. And they can decide amongst themselves who actually wants it ( and can afford it). |
|
|
|
Post by brp on Jul 9, 2024 17:23:24 GMT -5
All good points. But my understanding is that, if they are on the title with us, then they simply own it if we die before the contracts expire. Should be no probate as they are simply owners, as I understand. Does that sound right? Cheers. True but what if your heirs don’t want it? They are obligated once on the title. I didn’t want to put that burden on my children. And they can decide amongst themselves who actually wants it ( and can afford it). Oh, I checked with them and they absolutely want it. They live in Florida and my sister-in-law called it their "happy place." I told her what the MFs would be if they had to pay it, and she was more than fine with that. I only did because they'd definitely want it. Otherwise, yeah, that would not be the best option.
Cheers,
|
|
