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The Benefits and Disadvantages of Placing Your House in a Revocable Trust

The Benefits and Disadvantages of Placing Your House in a Revocable Trust

Understanding Revocable Trusts

Before diving into the specific advantages and disadvantages of placing your house in a revocable trust, let's first understand what a revocable trust is. A revocable trust, also known as a living trust, is a legal document that allows you to transfer ownership of your assets, including your house, to a trust while retaining control over them during your lifetime. You can serve as the trustee and manage the trust assets, and you have the ability to modify or revoke the trust at any time.