When it comes to estate planning, one of the most common questions Florida homeowners ask is: Should I place my house in a trust? For many families in Palm Harbor, Tampa, and St. Petersburg, the answer is yes—but not always. Like any estate planning decision, it depends on your unique circumstances, financial goals, and family dynamics.
At Verras Law, P.A., we help clients evaluate whether placing their home in a trust makes sense for their long-term plans. This blog explains the benefits, potential drawbacks, and important considerations involved in transferring real estate into a trust.
What Is a Trust?
A trust is a legal arrangement where a trustee holds and manages property on behalf of beneficiaries. When you create a revocable living trust, you can transfer your assets—including your home—into the trust while maintaining complete control during your lifetime. Upon your death, the property passes directly to your chosen beneficiaries, bypassing probate.
Why Consider Putting Your House in a Trust?
Avoid Probate
One of the most compelling reasons to place your house in a trust is to avoid probate—a public and often time-consuming court process that occurs when someone dies with assets in their name alone.
If your home is in a trust, it passes directly to your named beneficiaries without the need for probate court approval. This can save your loved ones months of legal delays and potentially thousands of dollars in court and attorney fees.
Maintain Privacy
Probate is a public process, meaning details about your estate—including property values and who inherits—become part of the public record. Trusts, on the other hand, are private documents. If your home is placed in a trust, its transfer upon your death remains confidential.
Continued Control During Life
A revocable living trust allows you to retain full control of your assets while you’re alive and competent. You can sell, refinance, or move out of your house just as you could before placing it in the trust. You can also revoke or amend the trust at any time.
Plan for Incapacity
If you become incapacitated due to illness or injury, a successor trustee can manage the trust’s assets—including your home—on your behalf without the need for a court-appointed guardian or conservator.
Facilitate Multi-State Property Management
If you own property in more than one state (for example, a vacation condo outside Florida), placing those properties in a trust can help avoid ancillary probate in each state where real estate is held.
Are There Downsides to Putting Your House in a Trust?
While there are clear benefits, it’s important to consider the following potential drawbacks:
Initial Cost and Complexity
Establishing a trust typically costs more upfront than preparing a simple will. However, these costs are often offset by the probate savings down the road. Additionally, transferring your house into a trust requires updating your deed—something an experienced estate planning attorney can assist with.
No Asset Protection from Creditors
A revocable trust does not protect your assets from creditors during your lifetime. If you’re sued or owe debts, a home in a revocable trust is still considered part of your personal assets.
Florida Homestead Considerations
Florida offers valuable homestead protections for your primary residence, including exemptions from certain taxes and creditor claims. If not handled properly, placing your home in a trust could risk these protections. At Verras Law, P.A., we carefully structure trusts to preserve your homestead rights under Florida law.
What About Irrevocable Trusts?
An irrevocable trust may offer additional benefits—such as creditor protection or Medicaid planning—but comes with a loss of control. Once the house is transferred, you typically can’t remove it or change the terms of the trust without court intervention. These types of trusts are best used in specialized planning scenarios and require careful legal guidance.
Is a Trust Right for You?
Placing your home in a trust might be a smart move if:
- You want to avoid probate for your loved ones
- You’re planning for long-term care or incapacity
- You have minor children or blended family dynamics
- You own property in multiple states
- You value privacy and efficiency in your estate plan
However, if your estate is straightforward and your beneficiaries are few and easily identifiable, a trust may not be necessary. There are also other ways to transfer a home—such as lady bird deeds or joint ownership—though these options don’t provide the flexibility or control of a trust.
How Verras Law, P.A. Can Help
At Verras Law, P.A., we work closely with clients throughout Palm Harbor, Tampa, and St. Petersburg to design custom estate plans that fit their goals. If you’re considering placing your house in a trust, we can walk you through the pros and cons, explain your options, and ensure the process is done correctly to protect your interests.
Ready to Take the Next Step?
If you’re wondering whether a trust is the right vehicle for your home or broader estate plan, don’t make the decision alone. Contact Verras Law, P.A. today to schedule a consultation and gain the peace of mind that comes with a well-structured estate plan.