<The reason I put my house in my revocable trust was to allow my husband to live in the home for his lifetime but to pass it to my sister on his death even if he remarried.
Considering lots of moving parts - will the trust pay the taxes and insurance for the property while he lives there ? >
Currently, I divide money spent on the house into capital improvements (roof, well pump, etc.) which the trust pays for and operating expenses (taxes, insurance, etc.), which I split with DH. If I predecease DH, he will have to decide since he will be the trustee of the trust (which would convert to an irrevocable trust on my death).
Pros: Simplify estate planning. Can pass the house to heirs without going through probate.
Quick FYI to readers, most states now allow for TOD on your real estate so if your sole or primary reason for a Rev trust is to avoid probate, you can likely do it cheaper and easier than creating a trust.
For most homeowners, keeping a house out of probate is their biggest probate-avoidance wish—and challenge. A living trust works well, but not everyone wants to go to the expense and trouble of creating one. Joint tenancy isn’t always the best option, either. Here’s good news: More and more states are offering an easy and effective alternative for real estate that’s located within their borders.
This alternative is called a transfer-on-death (TOD) deed (also called a beneficiary deed in some states). It’s like a regular deed used to transfer real estate, with a crucial difference: It doesn’t take effect until your death. For more information on TOD deeds, see Transfer-on-Death Deeds: An Overview.
the successor trustee of your trust can deal with your house without having to go to a court to get you declared incompetent.
Pros: Simplify estate planning. Can pass the house to heirs without going through probate.
Quick FYI to readers, most states now allow for TOD on your real estate so if your sole or primary reason for a Rev trust is to avoid probate, you can likely do it cheaper and easier than creating a trust.
Texas allows this and I have done this. But an important element is to cover what happens with your real estate if you don’t die but are incapacitated or incompetent. This where your power of attorney comes in. Make sure it specifically delegates the power to your representative to sell real estate.
PS - in Texas anyway, you can also add a beneficiary to your vehicle title and make it easy and simple for a heir to inherit your vehicle outside of your estate.
This where your power of attorney comes in. Make sure it specifically delegates the power to your representative to sell real estate.
Social Security does not recognize trustees or POAs.
My husband attempted to change the mailing address for his mother. Her dementia had progressed to the point she wasn’t able to manage mail. Social Security would not accept the POA. What is strange is that when he forwarded mail to us, Social Security automatically updated her mailing address.
BHM PS - in Texas anyway, you can also add a beneficiary to your vehicle title and make it easy and simple for a heir to inherit your vehicle outside of your estate.
BHM PS - in Texas anyway, you can also add a beneficiary to your vehicle title and make it easy and simple for a heir to inherit your vehicle outside of your estate.
How does one do this?
TIA ralph
You download two forms from the Texas DMV website. An Application for Texas Title (Form 130-U) and a Beneficiary Designation for a Motor Vehicle (Form VTR-121). Fill them both out, take them to your counties Texas Assessor-Collector Office, give the forms and $33 and in about a month you get a new title in the mail. Easy Peasy but shouldn’t cost $33.
Applying to become a representative payee usually requires a face-to-face interview at your local Social Security office, which you can schedule by calling 800-772-1213. You’ll need to bring proof of your identity. The Social Security publication “A Guide for Representative Payees” has more information on payees’ responsibilities.
Applying to become a representative payee usually requires a face-to-face interview at your local Social Security office, which you can schedule by calling 800-772-1213. You’ll need to bring proof of your identity. The Social Security publication “A Guide for Representative Payees” has more information on payees’ responsibilities.
Representative payee does involve responsibility. The SSA no longer requires the Representative Payee to fill annual reports.
The SS website allows setup of an advanced designation for a representative payee.
