You would sign the dated quitclaim deed with a notary public to formally transfer the home to the trust on the stated date. You (your full legal name) are the grantor, transferring the property to the trust - the grantee. Your quitclaim deed will state the home’s address and its full legal description to match what is stated on your currently recorded deed, and on your new trust document. For a jointly owned home, both/all owners must sign the deed. To do this with a quitclaim, you would sign the home over to the name of your trust, and name the trustee. Once the living trust is created, the next legal step is moving the home into it. The trust document must name a successor trustee - a person Susan and Emmet trust to make decisions for them, as directed by the family trust document, if one day they aren’t able to make sound decisions about their assets. As trustees, they must always keep up with the loan repayments due on a mortgage home. The trust can be specifically written to permit Susan and Emmet to finance or refinance the property. As a named trustee, Susan, for example, has a duty to preserve the value of the home and make prudent financial decisions involving it. They can keep their power to make financial decisions related to the home by making themselves joint trustees. So, rather than creating individual trusts, the two can jointly create a living trust and place the property in it together. For example, Susan Li and Emmet Li might decide they want a Li Family Revocable Living Trust. If co-owners are on the title to the house, they can do it too. Creating the TrustĪ sole owner always has authority to create a trust for real estate. Curious as to how it works? Here, we outline the basics of using a living trust to pass a lifetime home along to its future owner(s). Importantly, a living trust is a revocable trust - it’s a trust you control during your life, and can change. And a home is a typical piece of property that people put into a living trust. Name a successor trustee with the power to pass your property to whomever you designate as the new owner.Īll of the above are reasons many people use this method of passing their property along after they die.Be modified if you change your mind, and even let you put the property back in your own name while you are alive.Have your property bypass the costly, time-consuming probate court process when you die.You might have heard that a living trust can… Using the Quitclaim to Keep a House Out of Probate
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