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how to get my property title into my living trust?

Posted on: 07th Nov, 2005 06:21 pm
Can you please suggest me how to get my property title into my living trust? I have started getting my paper together. I was told by one of my friends that it gets recorded with someone.
i guess this can be done by quit claim deed.

thanks,
jill
Posted on: 07th Nov, 2005 06:32 pm
Hi old man,

Welcome to MortgageFit Forums,

After your living trust has been written as you wanted it to be, specifying who will receive your assets after you die and who will be your successor trustee. Then you need to fund your living trust by transferring your assets into it.

And as jill said this can be done by quitclaim deed.

For more information please visit our quitclaim deed section.

God Bless You.

Thanks,
Samantha
Posted on: 07th Nov, 2005 06:45 pm
what does the term "living trust" mean?
Posted on: 07th Nov, 2005 08:41 pm
Hi,

Welcome to the Forums,

Living trust is created by the grantor for the purpose of holding ownership to an individuals asset during the persons life time and for distributing his assets after his death. The individual who creates a trust, names a person who will serve as his successor trustee after he dies.

God Bless You,

Thanks,
Samantha
Posted on: 07th Nov, 2005 09:28 pm
Thanks for that valuable replies. But can you tell me what is meant by funding the trust?

Thanks
Posted on: 08th Nov, 2005 01:01 am
Hi

If you want your living trust to take affect then the grantor needs to transfere some funds into it. By tranferring the funds what i mean to say is that, title to grantors asset like bank accounts, stock certificates or any real estate property owned by the grantor must be tranferred into the trust.

Just executing the living trust itself will not help the trust to be funded.

Thanks,
Jerry
Posted on: 08th Nov, 2005 01:29 am
I have gained lot out of this discussion. But i have heard that a living trust does not have to go through a probate. Is it true.

Thanks,
Diazz
Posted on: 08th Nov, 2005 09:05 pm
Hi Diazz,

Welcome to the forums.

Yes what you have heard is right a living trust does not have to go through a probate. And probably this is one of the biggest advantage that living trust has.

However there are other devices also which helps in avoiding probate like joint tenancy, life insurance policy, totten trust , pension etc

Salesperson of living trust often exaggerate the cost and the time in takes to probate a simple will.

God Bless You,

Thanks,
Samantha
Posted on: 08th Nov, 2005 10:16 pm
Does living trust help to avoid the imposition of income taxes? :o
Posted on: 17th Nov, 2005 09:36 pm
Hi Crishtopher,

Welcome to MortgageFit Forums.

Living Trust does not give you any advantage on your income tax. The grantor is treated as the owner of the trust and has to report all the trust income on his or her personal return under grantors trust ad per the income tax rules.

God Bless You.

Thanks,
Samantha
Posted on: 17th Nov, 2005 09:48 pm
If I want to transfer my bank account into a trust account, does my account number change or only the name on the account? Also, what information will I need to bring with me to the bank to get this done. I would appreciate your help, thanks.

Sincerely,
Savannah
Posted on: 21st Apr, 2006 03:21 pm
Hi Savannah,

A Trust Account is a separate account to be held under the Trust Fund. So, I think the numbers will be changed.

Rhonda
Posted on: 21st Apr, 2006 03:40 pm
I think you need to carry the Tax Identification Number which may be your Social Security Number. Along with that the Personal Identification Number and account numbers to locate the names and the specific account numbers.

The criteria may vary from bank to bank, so it's better if you collect information from your local bank.
Posted on: 21st Apr, 2006 04:22 pm
I will go with Rhonda. Chances are your account number will be changed. Trust account is a separate account that is looked after by an attorney. By transferring your fund to trust account you nominate some one else to receive it after you. So it will be new account.

However, if you wish to transfer the full fund from your personal account to thrust account, then you can contact your bank to know your options. It might depend upon the policies followed by your financial institute. Keep us posted.
Posted on: 21st Apr, 2006 04:42 pm
Can someone please explain the difference as it pertains to Florida Law?
Posted on: 20th Sep, 2007 08:33 am
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