But the idea of transferring ownership of my one and only asset to a trust makes me nervous.
What would you recommend?
A trust doesnt go through that process.
Everyone should speak with an estate attorney to create the plan thats right for you.
I recommend asking your attorney about adding your home to a*revocable living trust.
Youll also list beneficiaries for the trust.
Youll name residuary beneficiaries, who inherit the assets in the trust only after you die.
Ask your financial planner and mortgage lender about your options.
No Interest Til Almost 2027?
Youd have to transfer ownership to remove it from your balance sheet.
Dana Miranda is a Certified Educator in Personal Finance and author of YOU DONT NEED A BUDGET.
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