When creating a trust, the trust must be funded in order for it to work properly. Funding a trust means that you have to transfer your assets into it. One can transfer their house or other real estate property into the trust by drafting proper documents, maintaining its records with the deed of county record or the registrar of your county depending upon the place where you live.
Steps to be followed to Transfer Your House Into a Trust.
There are numerous steps to be followed to transfer your house or real estate property into trust.
Determine What Type of Deed You Want to Use
There are different types of property deeds you can use to transfer your house or real estate property into trust. The most common deeds are quitclaim and warranty deeds.
With a quitclaim deed, the ownership is transferred without any warranty about the title. By signing a warranty deed, you are sure and guaranteed that you have the legal rights to transfer the title into trust. Other than quitclaim and warranty deeds, there is a third option to transfer the title on death deed of beneficiary deeds.
Like the other two deeds, this deed does not transfer ownership immediately but only after your death.
One can consult an estate planning attorney to discuss in detail about your planning options.
Prepare and Sign the Deed.
You can fill the deed form yourself, but it is better that an attorney should fill the deed form for you. You can fill the grantor information as the current owner to be listed in the county record. The grantor may fill the name of the trust followed by the trustee and date of your trust.
For an example, Mr. Jacob created a revocable trust dated on 26 July 2020 and is serving as an initial trustee. He can transfer his house or real estate by listing the grantee as Mr. Jacob as the trustee of Jacob under the agreement signed on the date 26 July 2020.
You have to give legal document of your property as proof of your county documents your land county documentation of land varies from place to place. The grantor must sign the deed in front of notary public. A part of it if you are married and holding the property by your name alone then your spouse may be required to sign on the deed transferring title.
Record the Deed with the County
If you prepare your deed yourself, you have to mail the deed to the county recorder or registrar of title office. If the deed is prepared by an attorney, he will keep record or file the deed document with the country.
Make Sure the Trustee knows that the Property is Inside the Trust
Be sure that your trustee/ successor is aware of the property transferred to the trust. Keep the documented record of property deed with your trust record. This is for information purpose only.
Advantages of Putting a House into Trust
The merit of putting your house in a trust may help avoid probate court cost, saving on estate taxes, and protect your home from certain creditors. The Trustee has the responsibility of searching for an attorney and spending time in the court for all the legal procedures.
Rob Frank is a USA based author writes on Legal issues ,related to estate planning, will & trust, business law and elder law. Rob Frank does his best writing on legal topics that helps users to find the best solutions to their FAQs on estate planning, probate, living trust.
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