House in Trust
If you create a trust as part of your estate plan, you must “finance” the trust so that it can work as you intended. Transferring assets into the trust is the process of funding it. By preparing and recording a deed with your county’s County Recorder or Registrar of Titles, you can transfer your house and another real estate into your trust. These are some steps using which you can put your house in trust according to USA Laws.
Step 1: Decide on the type of deed you’ll use.
To transfer your house into your trust, you can use a variety of property deeds. Warranty deeds and quitclaim deeds are two frequent types of deeds. You ensure that you have the legal right to transfer title into the trust when you sign a warranty deed. A quitclaim deed grants ownership without any assurances that the property is marketable. A transfer on death deed, also known as a beneficiary deed, is a third option in many states. This sort of deed, unlike a warranty deed or a quitclaim deed, does not transfer title immediately but rather at your death.
Before deciding on a deed, you should speak with an estate planning or real estate attorney to go over your alternatives in greater detail.
Step 2: Prepare the deed and sign it.
Working with an attorney, purchasing a property deed from an office supply store, or using a respected online legal services provider are all options.
If you deal with an attorney, he or she should complete the deed on your behalf. You’ll need certain information from your existing certificate of title or deed if you complete the deed yourself. Fill in the current owner(s) as recorded in the county records in the “grantor(s)” field.
Your trust is the “grantee.” Fill in the trustee’s name, followed by “as trustee of,” and the trust’s name and date. Jane Doe, for example, could transfer her property into trust by designating the grantee as “Jane Doe, as trustee of the Jane Doe trust by agreement dated January 1, 2018.”
You’ll also need to supply your property’s legal description, which is how the county plat or land survey identifies it. This is not the same as your address. To find the legal description, look at your existing deed or title, or contact the County Recorder or Registrar of Titles..
In front of a notary public, all property owners must sign the deed. Furthermore, if you are married but own property solely in your name, your spouse may be required to sign the title transfer deed.
Note that some states’ laws require property deeds to include extra information, such as the grantor(s)’ marital status and a declaration like “Total consideration for this transfer is less than $500.” If you’re unsure, check with your County Recorder or Registrar of Titles to make sure your deed complies with all applicable laws.
Step 3: Submit the deed to the county recorder’s office.
If you hire an attorney, he or she will almost certainly record, or file, the deed on your behalf with the county. You must take or mail the deed to the County Recorder’s or Registrar of Titles’ office if you prepared it yourself. Determine the mandatory recording fees and state deed tax, as well as any other incidental expenses, by contacting your county.
Step 4: Confirm that the trustee is aware of the trust’s assets.
Finally, make a record of the transfer so that your trustee/successor trustee is aware of the trust’s assets. Keep your trust’s records alongside the recorded property deed.
This section of the website is solely for educational purposes. The information provided is not intended to be legal advice. The author’s views and opinions are his or her own, and LegalZoom has not reviewed them for truth, completeness, or changes in the law. These are some easy ways using which you can put your house in trust .