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Home in Jt name or in one trust

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Suneel

Junior Member
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.
 


divgradcurl

Senior Member
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.
Presumably your attorney has access to all of the particular facts of your situation -- nobody on this forum does. Your attorney is far and away in the best position to give you advice. If you are unsure of the advice, your best bet is to sit down with another attorney who can review all of the facts of your situation and advise you accordingly.
 

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