Is a transfer of deed needed in order to transfer real property into a trust?
Hi, if we are considering an irrevocable trust, is a transfer of deed needed?
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If you are planning on transferring real estate into the trust, then yes, you have to do so by executing a new deed transferring title from the individual owner (the Grantor) over to the trust (the Grantee) in the care of the trustee of the trust.
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Hi, if we are considering an irrevocable trust, is a transfer of deed needed?
Lexi, Chatbot
Could you please specify which type of property you are considering transferring into the irrevocable trust?
House.
Lexi, Chatbot
Thank you for that information. Could you tell me if there is currently any mortgage on the house?
No mortgage.
Lexi, Chatbot
OK. Thanks for the info. The Expert can help with your question about transferring a house deed into an irrevocable trust. Is there anything else they should know before I connect you?
No.
Barrister
Hello and welcome to the site! My name is Barrister and I am a licensed attorney and I am here to help with your situation.
Barrister
If you are planning on transferring real estate into the trust, then yes, you have to do so by executing a new deed transferring title from the individual owner (the Grantor) over to the trust (the Grantee) in the care of the trustee of the trust.
Barrister
People often make the mistake of thinking that if they just say a property is in a trust by listing the address, that is legally sufficient to transfer it. It is not and they then later find out about this mistake—usually at a very bad time.
This is all so overwhelming, in deciding what is best. Please guide me here: the plan is to complete a will, an irrevocable trust, and a transfer on death deed to cover a small estate?
Barrister
That would be more than adequate to cover any estate—small or otherwise. But each person should also have powers of attorney for themselves: medical as well as financial, and that completes the plan.
Does each person need their own irrevocable trust?
Barrister
That would depend on whether different people have different assets and different plans on what to do with them.
For a married couple with the same plans?
Barrister
Then no.
Barrister
I hope I was able to clear up any questions you had about the situation. It was my pleasure to work with you and help with your question.
Hi Barrister, is the no contest clause a separate document or can the phrase be added anywhere in the will? There is only one beneficiary and one exclusion.
Barrister
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