Holding a house in trust is one of the best ways to ensure the easy transfer of an estate to beneficiaries. However, it doesn’t make the process of settling the estate of a loved one less overwhelming.
If your loved one held a house in trust, you want to know if selling a house in a trust after death? without going through the probate process is practical. Sell Pittsburgh Now, LLC, the top choice for people searching, “sell my house fast Pittsburgh” covers all you need to know in this post.
You Can Sell a House in a Trust After Death in Pittsburgh, PA
Selling a house in a trust after death? without probate is possible as long as the conditions of the trust are met. A trust is a legal vehicle that holds assets for beneficiaries. One of the main reasons people choose to put their house in a trust is to bypass the probate process, which can take a long time.
By choosing a trust instead of a will, a grantor (the owner of the house or the principal) ensures that their assets can go directly to named beneficiaries after their death.
Unlike an estate executor for a will, the trustee (the manager of the asset in a legal trust) doesn’t need any court approval to manage or sell trust assets.
What Are Other Key Trustee Responsibilities?
Some of the other responsibilities of a trustee include
- General trust administration
- Managing and maintaining the house until the sale
- Addressing all debts and taxes tied to the property
- Ensuring accurate beneficiary distribution in line with the trust terms
The Advantages of Selling a House in a Trust After Death
Avoiding probate isn’t the only advantage of selling a house in a trust after death. Other benefits include avoiding high capital gains taxes and easy proceeds distribution.
Additionally, the sale could allow loved ones and beneficiaries to move on a lot faster. Neither the beneficiaries nor the trustee will have to worry about paying any pending bills or any debts owed by the deceased or addressing medical expenses because the proceeds from the sale can take care of these expenses.
No one will also need to worry about keeping up with maintenance and paying the insurance on the inherited property.
The Disadvantages of Selling a House in Trust After Death
Selling a house in a trust after death isn’t without its downsides. First, potential buyers tend to look upon these properties as fixer-uppers. This can make drawing attention to a listing more difficult than it should be.
Secondly, family disputes might still arise if some beneficiaries do not want to sell—regardless of the trust terms. Trustees under emotional strain may also end up selling the property for less than its worth.
Get the Best Deal From Sell Pittsburgh Now
Selling a house in a trust after death? without probate might look simple, but it’s easy to make costly mistakes. Are you considering selling the house to a cash buyer in Pittsburgh, PA? Contact Sell Pittsburgh Now, LLC at (412) 275-5238.