Thanks for watching our video discussing how to put your home into a trust! We know that Trusts and how assets are put into them can be super confusing! So, we’re here to help this make more sense for you.
The first thing you need to know is that you’re not alone! We’re here to help and it’s our job to make this process make sense and give you peace of mind. We do this—Trusts and estate plans—every single day. So, while we may not understand your situation and needs yet, we will be able to guide you to exactly the right kind of trust for your needs after our consultation.
Step One on How to Put Your Home Into a Trust: Create a Trust
We can’t put your home into a Trust if you don’t have a Trust yet. So, the first step is to create a Trust to put your home into. There are MANY kinds of Trusts. Watch this video to learn more about the different types of Trusts.
Don’t let that list scare you off. Remember that it’s our job to guide you to the right kind of Trust for your needs.
So, now we’ve create a Trust. Now what? We’re so glad you asked!
Step Two on How to Put Your Home Into a Trust: Transfer the Deed to your Trust
This is a super simple process where we take your property deed— which is in your name– and we transfer it to the Trustee of your Trust—which may be you. Just like when you closed on your home and the former owners transferred the deed to you, you are transferring the deed to the Trustee of your Trust. In some instances it will be in your best interest to create a Trust in which you are not the Trustee. The process of the deed transfer is still the same. You will transfer the deed to the Trustee or Trustees of your Trust.
It’s that easy! Your home is now a part of your Trust. The beneficiaries of your Trust get to use and enjoy this asset.
What Happens After You Die?
At the creation of your Trust (and anytime you made restatements of your Trust) you had the opportunity to state exactly what you wanted to happen to your assets during your lifetime and also at your death. At the time of your death the Trustee (or Successor Trustee) will distribute assets under the conditions of the Trust.
Common Concerns with Putting Your Home Into a Trust:
You may have concerns about how putting your home into your Trust could affect your mortgage. Depending on the type of Trust you establish, there may be some issues with your mortgage company. This mainly has to do with initial beneficiaries. But like Sarah said in the video, there is a Federal Law prohibiting mortgage companies from demanding immediate payment of the mortgage upon transfer. We can help you choose the appropriate Trust to prevent any major issues with your mortgage company.
We know that Trusts can feel big and scary, but they really are wonderful estate planning tools that can benefit you during your lifetime and benefit your loved ones for years after you are gone! We are here to make this simple and easy and as painless as possible, and when you’re done you can take a deep breath of relief because you did it! You put your home into a Trust!
To set up a consultation give us a call at (404) 736-6066 or visit our website.
