 blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.84 Dollars($)
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 Posted: Sat May 20, 2006 10:17 am Post subject: |
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Hi,
It's not at all difficult to transfer your property into a revocable living trust. The only thing that changes here is the formal name on the title.
You need to simply record a quitclaim deed to transfer your interest in the house, from you as an individual to you as a Trustee of the Living Trust.
For the bank accounts, a new signature card must be signed by you as a Trustee at that time. This process is also simple and most bank officers are familiar with the process.
You don't want to get it done under an attorney but, I shall still suggest you to hire an attorney in the process. See, real estate matters are complicated and difficult to handle by persons who are not in that field.
Initially it may look a little expensive but in the long run and considering the value of your property, the cost is not too much.
Lawyers normally charge between $1,500 to $2,000 or some more to draft a Revocable Living Trust. All the related documents will be prepared under that cost. You can contact your local Bar Association and you will be able to get a lawyer under your limit.
Hope that helps you. Refer to our discussion on living trust for more knowledge on this issue.
Blue
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