You may have always wanted to keep your real estate property in your family to carry out your legacy. Your descendants may have wished for the same. However, you cannot assume that they will automatically take over and move into this property once you have passed. Rather, this transition may require careful and strategic planning, such as by first transferring it into a trust, which will then transfer it to your designated beneficiaries. With that being said, please read on to discover the process of transferring your home into a trust agreement and how a seasoned Broward County trust lawyer at The Probate Lawyers can help streamline it for you.
Why would I want to transfer my home to a revocable trust?
You may ask yourself why you would go through the hassle of establishing a second estate planning document (i.e., a revocable trust) when you have already put in the effort to enforce a Last Will and Testament. Simply put, there are several possible advantages to transferring your home to a trust rather than simply leaving instructions for it in your will. They read as follows:
- Your home may be protected from the time-consuming, costly, and public Florida probate process.
- You may gain greater control over when and in what manner your designated beneficiaries inherit your home.
- You may be able to protect your home from your designated beneficiaries’ creditors, lawsuits, or divorce proceedings.
- You may use this as an opportunity to manage your home’s affairs should you become incapacitated without court intervention.
What is the process of transferring real estate into a trust?
If you skip any step of the process, you may not have legally transferred your home into a revocable trust. At the very least, it will cause confusion that your loved ones might be burdened with once you have passed. With that said, the first thing you should do is create a valid and enforceable revocable trust agreement. This agreement should disclose your appointed trustee, designated beneficiary, and other terms and conditions. Once it is enforced, you essentially transfer your ownership rights over your home to your named trustee.
Once this is squared away, you should shift your attention to preparing a new deed, most likely a quitclaim deed. When doing so, be sure to give an accurate legal description of the property and clearly name the current owner/grantor (i.e., you) and the name of the new owner (i.e., the trust/trustee). Also, you must sign the bottom of the deed, get it notarized, and have this witnessed by two individuals. Lastly, you should inform your homeowners’ insurance policy and mortgage lender about this change in ownership.
If you have made it this far, please do not hesitate to seek further information from a competent Broward County estate lawyer. The team at The Probate Lawyers is willing and able to guide you through your future legal processes.
