What is the name of your state? MI
I and my wife will be creating two revocable living trusts, as per our lawyer’s advice. The attorney suggests that we keep the house outside of the trusts and under our joint names (mine and my spouse). He suggests that having a house on joint names will protect the house from creditors if any. But this will mean a probate if by some chance both I and my spouse die at the same tine. Is that the right way to go? Our preference is to pu the house in one of the Trusts. You suggestions please.
I and my wife will be creating two revocable living trusts, as per our lawyer’s advice. The attorney suggests that we keep the house outside of the trusts and under our joint names (mine and my spouse). He suggests that having a house on joint names will protect the house from creditors if any. But this will mean a probate if by some chance both I and my spouse die at the same tine. Is that the right way to go? Our preference is to pu the house in one of the Trusts. You suggestions please.