If you are wondering “how to transfer property into a trust in arizona,” then a new deed for the property must first be created, as well as signed.
To transfer the deed, you often require a quit claim form or a grant form. There are various subtleties to the process, and the forms differ in each state. To make sure that the specifics are handled correctly, work with a lawyer who is knowledgeable about each state where you hold property.
A quit claim document and a change of ownership form must be submitted in order to transfer ownership from your name to the trust. If you have a number of commercial investment properties, you might hold each one through a separate LLC in order to reduce your liability. You can leave 100% of the ownership of each LLC to the trust you create if you want your beneficiaries to inherit your investment in each LLC.
The paperwork you typically require to transfer real estate includes:
- Your property’s recorded deed contains the names of the owners and its legal description.
- The first and signing pages of the trust contain the precise name of the trust.
- The names, as well as addresses of the trustees.
- The names and addresses of the trust’s beneficiaries.
There are extra criteria in a few states. For instance, you must have a Special Warranty Deed. As per this, the trust itself, not the trust’s trustees, is the grantor, owner of the property. Your attorney is going to record the contract in the county asset records office after you prepare it and have it notarized.
A lawyer, such as brandon law firm, may bill you $500-$1,000 to handle the deed transfer. You will typically also have to pay a minor charge of around $100 to have the deed recorded. You are ensuring that your home and other property are going to follow your estate strategy in the revocable trust, as well as not be a part of probate, so the modest charge is well worth it.
When you transfer property into a revocable trust, transfer taxes, which many state and municipal governments impose when you give away or sell property, generally are not owed.
Transfer taxes are not necessary as long as the property is being transferred from the same owners to the same owners and in the same proportions. We wouldn’t have to pay transfer taxes, for instance, if my husband and I each own 50% of our home and we transfer it to the trust as 50-50 owners.