how to get my property title into my living trust?

i guess this can be done by quit claim deed.

thanks,
jill

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

what does the term "living trust" mean?

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

Thanks for that valuable replies. But can you tell me what is meant by funding the trust?

Thanks

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

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

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

Does living trust help to avoid the imposition of income taxes? :o

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

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

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

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.

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.

Can someone please explain the difference as it pertains to Florida Law?