I recently set up a will and trust for my personal (non-investment) assets. The Trust is mainly because I have minor children and a special needs adult child so I do not want them to directly inherit without side boards. Also a Trust will let the property avoid probate.
I recently closed on one rental property and will close on another tomorrow. To avoid probate, I do not want to leave these properties under just a will, which would just roll them into the trust after going through the probate mess.
Does anyone place rental property into Trusts? Would you recommend putting them into a separate trust than the property used as homes by the family?
I do not want to use an LLC--do not want to set them up or pay the costs to have them.
Everything is paid for, no mortgage so that is not an issue.