How to put your primary residence in your living trust?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Tamales
Posts: 1067
Joined: Sat Jul 05, 2014 10:47 am

How to put your primary residence in your living trust?

Postby Tamales » Sun Jun 18, 2017 9:15 pm

A friend in another state put his house in a DIY living trust, but when talking to him, there was no paperwork filed (i.e. he thought just listing it in the trust was enough).

My lawyer filed the paperwork for me (all I needed to do was send him a check for the fee), so I'm not sure what the process is.

Can someone advise on how this is done by mail when you're doing it on your own?
Is there a form that has to be notarized and sent to the country recorder (I'm guessing that serves as proof you are who you say you are), along with a check for the fee? Or maybe a copy of the cover page of the trust has to be notarized and sent?

Will most estate lawyers file this paperwork for a small fee, or will they only file for a trust they prepared? I was thinking this might be the easiest for him (i.e. just find any random, nearby estate lawyer online) if it's typically only 30 bucks or so.

Carefreeap
Posts: 1823
Joined: Tue Jan 13, 2015 7:36 pm
Location: SF Bay Area

Re: How to put your primary residence in your living trust?

Postby Carefreeap » Sun Jun 18, 2017 9:21 pm

The usual tool is a Quitclaim Deed which transfers title from the existing names into the name of the Trust. The signature of the party(ies) will need to be notarized.

You can generally find a general quitclaim deed for your state over the internet or at a stationery store.

Your county recorder will charge for the recording of the document.

The main issue with the DIY Quitclaim process is making sure the names for both parties are correct. I've done this before and had my local title company assist.

Good luck!

J295
Posts: 1004
Joined: Sun Jan 01, 2012 11:40 pm

Re: How to put your primary residence in your living trust?

Postby J295 » Sun Jun 18, 2017 9:34 pm

Carefreeapp .....did using a quitclaim render your owners title insurance coverage inapplicable in the event a title defect is discovered in the owners policy that was presumably issued in your name and not in the name of your trust? Did you consult with the title company or obtain an endorsement?

bsteiner
Posts: 2587
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: How to put your primary residence in your living trust?

Postby bsteiner » Sun Jun 18, 2017 9:47 pm

J295 wrote:Carefreeapp .....did using a quitclaim render your owners title insurance coverage inapplicable in the event a title defect is discovered ...


That, like most everything else with regard to real estate, is likely to vary from state to state.


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