How do I transfer property to a trust?

Question

I am making a donation of my house to a charitable remainder trust.  I need to transfer the Warranty Deed into the trust name.  The house is located in Florida.  What papers do I fill out and when it asks who the property is being transferred to do I write the name of the trust itself or the name of the trustee?

Joe Wilson · Answer

After signing the document to form the trust, you must transfer assets into the trust.  You can do this by signing over the property to the Trustee.  For example if I had formed a trust and would like to put my house in the trust, then I can sign it over to "Joe W., Trustee of the Joe W. living trust dated 01/17/08."

I would contact a lawyer, maybe a friend who would look over the documents to ensure you have everything in order.

If you are doing things for estate reasons and attempting to get this asset out of your estate and do not properly file all the correct paper work or check the wrong box to make it a revocable vs. irrevocable trust, then it will stay in your estate vs. being outside of your estate.

Joe

GEO STORM · Answer

YOULL NEED THE SUCCESSOR TRUSTEE AND 'REGISTRATION OF LIVING TRUST'. YOUR SUPPOSE TO REGISTER THE LIVING TRUST WITH THE LOCAL COURT. BUT THERE ARE NO PENALTIES OR CONSEQUENCES FOR FAILURE TO REGISTER.
GO TO WWW.FLSENATE.GOV/STATUES/INDEX.CFM
SECTIONS 737.401+
SECTION 732.513

NEAR1 OUT!

Account Closed · Answer

If you really care about the outcome then is there a reason you are not paying a lawyer to do it correctly? At least the first time so you can learn how it should be done. In the future you might be fine doing them on your own.

Note that one thing that can really bite you in the future is if the state laws change subtly. Lawyers will get updates from the state or state bar association. If you do not keep current you could blindly heard off the rails.

Even lawyer make mistakes. They have insurance policies to cover the costs associated with the mistakes they make on client work.

John Corey