If I own land in different states, do I need to file a TODD in each state?
If I own land in different states, do I need to file a TODD in each state?
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It would be simplest to just transfer all the properties into a trust with a new deed for each one, and then specify in the trust: “I want property A to go to X, property B to Y, property C to Z,” etc. When you pass, your trustee can deed the properties directly to those individuals.
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If I own land in different states, do I need to file a TODD in each state?
Lexi, Chatbot
I understand the importance of planning for your assets. In which states do you own land?
UT, AZ, TX, and MO.
Lexi, Chatbot
Are you looking to create a Transfer on Death Deed (TODD) for each property you own in those states?
Yes, and I would like to put them into a revocable trust in WY.
Lexi, Chatbot
Is there anything else the lawyer should know before I connect you?
Is there a cost involved?
Barrister
Hello and welcome to the site! My name is Barrister, and I’m a licensed attorney here to help with your situation.
Yes, you would need Transfer on Death Deeds (TODDs) for each specific property that you want to transfer instantly upon your death to a beneficiary.
However, if you're going to transfer the properties into a revocable trust, then you can simply state in the trust who the properties go to after you pass. The trustee would then transfer them to the beneficiaries. So it's a bit redundant to do both TODDs and a trust.
Would it be easier or better to put the properties into a trust first? Or should I file TODDs in each state first?
Barrister
It would be simplest to just transfer all the properties into a trust with a new deed for each one, and then specify in the trust: “I want property A to go to X, property B to Y, property C to Z,” etc. When you pass, your trustee can deed the properties directly to those individuals.
Is a revocable trust better or more advantageous in Wyoming or Montana? I live in Colorado but want to make sure it will be valid in any state I reside.
Barrister
Unfortunately, I can’t get into financial or tax planning as I can’t act as your financial planner. But I can tell you that a revocable trust is valid in every state regardless of where it’s created. So if you create one in Colorado, it is legal and valid in all other states.
Does a revocable living trust still have to go through probate?
Barrister
No. One of the main reasons people set up a trust is to avoid probate.
Is there a difference between how each state looks at a revocable living trust?
Barrister
No.
Does a checking account and EIN need to be opened or created to establish a living trust?
Barrister
No. The trust is created first. Then, if needed, a checking account can be opened. You can't open an account before the trust exists.
Which are the top five friendliest states to file a revocable living trust?
Barrister
I wouldn’t have any idea. I’ve never done a survey or comprehensive research to determine that. But as I mentioned earlier, it makes absolutely no difference which state you create a living trust in. None.
Thank you.
Barrister
You are very welcome. Glad I could help. Have a great afternoon and be safe!
Barrister
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