After creating a living trust, one of the first things you may want to do is to transfer your real property into the trust. When you wish to do this you, as the grantor, will transfer interest in the property to the, grantees, who in this case would be the trustees. There are several types of deeds that are used to accomplish this transfer and some situations to be taken into consideration. The most likely of these are, a.) property located in your state of domicile, and b.) property located in states outside of your domicile state.
One type of deed for property located in your domicile state, is called a Quitclaim Deed. Many grantors may choose this means of conveying their real property into their living trust. With this type of deed, the grantor does not give any warranties or assurances as to the type of interest they have in the property. Instead, with a quitclaim deed, the property only transfers into the trust whatever interest the grantor holds in the property. This does not guarantee that the grantee owns the property outright. And anyone else with interest in the property will still maintain that interest if they have not signed a quitclaim deed as well.
If you are considering transferring your interest in real property into a trust, you will need the help of a qualified and experienced attorney. Contact one of our professional Estate Planning Attorneys at the Law Offices of David A. Shapiro.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.