For most people, the real estate they own is their most valuable asset. Protecting your primary residence, vacation home, and any other property you own for rental income or other purposes is a critical concern when preparing an estate plan. You want to ensure your property is distributed according to your wishes after your death and minimize the tax burden of your estate. One of the ways you can protect your interests and your family’s inheritance is by using deeds into trusts in Atlanta.
An experienced trusts attorney could meet with you anywhere in Georgia via Zoom. Siedentopf Law makes the estate planning process as easy as possible for you by explaining how to convert real estate ownership into trusts and setting you up for success.
Considerations Before Transferring Real Estate Into a Trust
Anyone considering converting the ownership of their real estate – their deed – into a trust should meet with an Atlanta attorney to discuss their goals and wishes. Sarah Siedentopf could help you determine if setting up a trust for your real estate is the best decision for you. It is also important for a deed-holder to determine which type of trust would work best for your needs.
For instance, the individual or business needs to determine how much control they want to keep over their real estate. While some trusts are flexible and even revocable, others cannot be altered. Different types of trusts can also have varying potential tax consequences. Putting your assets in a trust will not protect them from your creditors, but it can protect from your beneficiaries’ creditors down the line.
How to Put an Atlanta Deed Into a Trust
If you determine that it is the best option for your estate planning needs, you could complete the legal requirements to put a deed into a trust.
Drafting the Initial Trust Document
A lawyer has the proven experience necessary to draft a trust document that is legally binding, effective, and enforceable. To be legal, the trust document must identify the grantor who created it and the beneficiaries of the trust. A valid trust document would also name the trustee in charge of managing and distributing the assets and set forth a plan for the event of the trustor’s death. If the trust is revocable, you could be both the trustee and the primary beneficiary. Upon your death, a new trustee named in the document would take over management of the assets and the trust would become irrevocable.
Creating a Deed
The property owner needs to transfer ownership of the property to the trust. An Atlanta attorney could draft a deed transferring ownership to the trustee, and the owner could sign the deed in front of a notary and witness. The deed must be recorded with the appropriate county court clerk. You may then notify your mortgage lender and insurance company to make the trust an additional named insured.
Get Help From an Atlanta Attorney When Putting Your Real Estate Deed Into a Trust
Estate planning is complicated, which is why you should rely on the trusted advice of a legal professional like Sarah Siedentopf. Putting deeds into trusts in Atlanta is one of the estate planning tools that she could use to help you protect your assets. Get help today by arranging for an initial strategy session.
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