Quit Claim deed

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Buddy

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Post Posted: Thu Dec 06, 2007 3:57 pm    Post subject: Quit Claim deed
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I am successor trustee on a living trust. Is it recommended to file a quit claim deed to change the title of real property held in the trust to show the change in trustee in which the title is vested?
Taylor

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Post Posted: Thu Dec 06, 2007 4:02 pm    Post subject:
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No. The title should remain in the trust. You do not have to do anything to show a change in the trustee.

When you go to act on the property as trustee, provide a copy of the trust as necessary.
Icon Mini Profile larry





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Post Posted: Thu Dec 06, 2007 4:29 pm    Post subject:
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Hi Buddy,

I do agree with Taylor above. You need not to file quitclaim deed. It may be considered illegal if you transfer the title to your name. The title should remain to the living trust.

Thanks,
Larry
Buddy

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Post Posted: Thu Dec 06, 2007 4:52 pm    Post subject: Quit Claim Deed
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the property would still remain in the trust and only the name of the trustee changes.. something like... title changes to > Buddy Guy Successor Trustee under the April 1, 1998 Guy Family Trust... from >Mary Guy Trustee under the April 1, 1998 Guy Family Trust.
Thanks to all responders.
DB

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Post Posted: Fri Dec 07, 2007 5:55 am    Post subject:
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Hi Taylor,

Isn't it necessary to notify the county assessor about the change in the name of the trustee? I am not sure about that.
Taylor

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Post Posted: Fri Dec 07, 2007 11:58 am    Post subject:
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Local laws vary. Contact the county assessor for your county for further information. A title change that is in name only should not change the tax basis of the property, so the assessor should not need to be notified.

If the property is held as, "Mary Guy Trustee under the April 1 1998 Guy Family Trust", you may want to change names to reflect the new trustee.

Check with the mortgage company since they may have a preferred way to handle it. If not, I would not use a grant deed to transfer the name, not a quitclaim deed.
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