Posted on: 10th Mar, 2007 07:04 am
my sister and i are co-trustees of a revocable trust that owns a house and property that my mother lives on now. my mother wants to give my sister some money and in return my sister would sign a quit claim deed of her interest in the trust. is this a good way of transferring ownership? would my sister have any rights? would i be able to then revoke the trust and put the land in my own trust? thanks.
Hi Mqsvz,
Welcome to the forums.
Using a quit claim deed is a good way of transferring ownership rights on anyone's interest in the trust property.
Once your sister quit claims her interest away, she will no longer have any rights on that part of property.
Being an owner of the trust property, you can revoke the trust. But I would like to know if you are speaking about two different trusts here. This is because I find you saying that you wish to revoke the trust and put the land into your own trust. So, do you own a separate trust?
Thanks,
Sara
Welcome to the forums.
Using a quit claim deed is a good way of transferring ownership rights on anyone's interest in the trust property.
Once your sister quit claims her interest away, she will no longer have any rights on that part of property.
Being an owner of the trust property, you can revoke the trust. But I would like to know if you are speaking about two different trusts here. This is because I find you saying that you wish to revoke the trust and put the land into your own trust. So, do you own a separate trust?
Thanks,
Sara
"My mother wants to give my sister some money and in return my sister would sign a quit claim deed of her interest in the trust. Is this a good way of transferring ownership?"
Your sister will be quit claiming her interest to whom?
Your sister will be quit claiming her interest to whom?