Wilson

WILSON

One thing that a lot of folks with trusts don’t think about is how their successor trustee (the trustee who comes after you) will repair real estate owned by the trust. the problem is that sometimes the trustee has to pay out of pocket to repair real estate inside a trust because the trust doesn’t have any liquid cash to pay for those repairs. A great solution for this potential problem is making sure that you have a checking account in the name of the trust that has money in the account for these repairs. If you’re thinking about how much then we suggest thinking about the cost of replacing the air conditioner units or the roof on the house and making sure that this account has enough money to pay for at least one of those major repairs. If you’re not sure you have or want to designate that much money in that account at first you can always start with something smaller and then gradually save a little bit every month so that that reserve account grows over time. This is your pro tip from Michelle Wilson your local estate planning attorney. If you have questions about how to protect your real estate please call us at 770-205-7861. 

 

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