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Quit Claim deed

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

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