The Living Trust Advisor

CHAPTER 8 The Five Concerns about the Real Estate You Transferred to Your Living Trust Or, You Still Own Your House!

There is no special trick to ensure that you continue to own the real estate you transferred to your Living Trust. You own it. There is nothing to do other than continue to do nothing—as you were doing before you established your Living Trust.

However, as I train you on how to live with your Living Trust while both you and your spouse are alive, I must engage in a training session on five concerns that you must consider when dealing with real estate that has been transferred to your Living Trust.

Financial Advisor Alert

Even though you are your clients’ advisor on all things financial, you should still take note of the real estate–related Living Trust matters that I discuss in this chapter. Your clients’ house, apartment building, commercial property, and other real estate concerns are likely their most valuable assets, and you do your clients a service by having the ability to point out, at least, the basics of real property matters in the Living Trust context.

First Concern: Owning Your Living Trust Real Estate

When I explain to my clients that they need to transfer their real estate to their Living Trust, I often see them wince in discomfort, as if they had been hit in the chest with a tennis ball. As one client said, “Mr. Condon, I feel very uncomfortable transferring my house to my Living Trust. This is my house. I want to make sure it stays in my ...