The language that is included within the mortgage document is critical in evaluating what steps should be taken when transferring to a Living Trust any real estate that is still tied to a loan.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
What is a Certificate of Trust?
A Certificate of Trust contains the “highlights” of the Trust document itself.
Does Standard Legal Offer an Irrevocable Trust?
The trust documents offered by Standard Legal are for Revocable Trusts, by choice.
How is a Living Trust Settled After the Death of the Makers?
The answer is simple: the Trustees named within the Trust documents simply follow the directives set forth in those documents.
How Do I Transfer Assets from my Deceased Parents’ Trust to Myself?
If a Living Trust document allows the property it holds to be distributed to the heirs following the death of the donors, the Trustee named in the Trust would simply execute a Quitclaim Deed transferring title of the property from the Trust to the beneficiary or beneficiaries named in the Trust.
Does a Living Trust Require a Federal Tax ID Number?
The answer to whether or not a Trust requires a Federal Tax ID number depends upon the type of Living Trust that is created.
If One Adult Child is to Live in the House I Split Between Two in a Will or Trust, Is a Rent Payment Required?
Upon the death of the Maker, the assets of a Will or Trust become the property of the named beneficiaries.
If My Father Wishes to Amend the Order of Successors in Our Trust, Does a Single Amendment Cover Every Document in a Trust?
Because each document in a Living Trust (i.e. the Trust itself, Durable Power of Attorney, Health Care Power of Attorney, Pour Over Will, HIPAA Agent, and Personal Representative documents, etc.) performs or provides a different service or function, preparing an amendment for each document would be most prudent.
Can Assets Be Added to a Trust After the Death of the Grantor?
Yes. If a CD (or any similar asset) is designated as ‘payable on death’ to the Trust, then that asset would be paid to the trust without the need to take any additional steps.
As a Named Beneficiary Designated to Receive a Percentage, How Do I Find Out the Total Value of a Trust?
It is the responsibility of the Trustee named within the Living Trust documents to provide a full accounting of the Trust contents to the named beneficiaries. Make such a request to the Trustee.