How Do You Fund Real Property Into A Trust
Funding your Trust
When you prepare a trust, it is not enough to merely prepare the trust document. You must also fund the trust, which is the process of making an asset part of your trust properties. An asset not properly transferred to the trust does not become a part of your trust properties, which may subject such asset to the probate process upon your death.
How do you fund Real Property into a Trust?
You will prepare a deed to transfer real property into your trust. In such deed, the title will be transferred from the current owner to the named Trustees of your trust e.g. "to A and B, Trustees of the AB Trust". The deed must be recorded at the appropriate recording office.
As the trust document is insufficient by itself without completing the funding process, it is important to remember to have your attorney complete the funding process of your assets into the trust.Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
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