New Home and Revocable Living Trust

[WinniWoman]

Can a new home be titled as such to be in a revocable living trust at closing?(no mortgage)

We do not have a trust right now, but it was something we were planning on doing with our assets after we moved and settled into the new place.

Then someone on a Facebook page who is also moving to NH said she was going to get an attorney to do her closing and trust. That go me to thinking ...... Why not just have the new house put into one- titled for one- at the same time we close?

Then later we can deal with putting anything else in the trust. At least most all our assets except for a few bank accounts that don't allow it- have a beneficiary designation. The house is the biggest asset that does not and it would be great to just get it put in one at the same time we buy it.

 

[Cornell]

Yes you can do that .

It’s also very easy to do a quit claim after the purchase of the house if you set up the trust post sale. I know that’s what you are wanting to avoid but it’s very easy to do, minimal fees.

 

[rapmarks]

Yes you can do that .

It’s also very easy to do a quit claim after the purchase of the house if you set up the trust post sale. I know that’s what you are wanting to avoid but it’s very easy to do, minimal fees.

That is interesting. The lawyer that did our trust did an unrecorded deed. But they changed the law after that and I don’t think the unrecorded deed will work. We do have our primary home in the trust. But we can quit claim the house to our Trust?

 

[Cornell]

https://www.investopedia.com/articles/personal-finance/122016/buying-home-trust.asp

 

[VacationForever]

We have our homes put into a revocable trust and we have done it both ways, one home titled prior to putting into a trust and then do a quit claim and retitle it, and another home retitled it directly into our trust.

Your trust attorney will help you with it after your trust is set up.

 

[MULTIZ321]

Do Bank Accounts Have to Be Included in a Living Trust?


https://budgeting.thenest.com/bank-accounts-included-living-trust-32588.html


Richard

 

[bogey21]

Do Bank Accounts Have to Be Included in a Living Trust?

My Bank Accounts are all JTWROS (Joint Tenants With Right of Survivorship) with one or more of my kids or ex-wife. The accounts do not have to go through Probate. All that has to be done is for the Survivor(s) to take my Death Certificate to the Bank and have my name removed from the accounts...

George

 

[Janann]

We do not have a trust right now, but it was something we were planning on doing with our assets after we moved and settled into the new place.

It would not be wise to title your home into an entity that does not yet exist. Definitely talk to an attorney before you title your house into a non-existent trust.

 

[Snazzylass]

My Bank Accounts are all JTWROS (Joint Tenants With Right of Survivorship) with one or more of my kids or ex-wife. The accounts do not have to go through Probate. All that has to be done is for the Survivor(s) to take my Death Certificate to the Bank and have my name removed from the accounts...

George

There's such a thing as Joint Tenants for a Bank Account?
I thought most banks allow you to do a POD on the account? Paid on Death.

 

[WinniWoman]

There's such a thing as Joint Tenants for a Bank Account?
I thought most banks allow you to do a POD on the account? Paid on Death.

Nope. Not all banks do. My husband and I are joint tenants or TOD or PODs on most accounts we have, but want our son as a POD also and a couple of banks we have do not offer it.

 

[WinniWoman]

It would not be wise to title your home into an entity that does not yet exist. Definitely talk to an attorney before you title your house into a non-existent trust.

What I am saying is the trust would be set up right before the closing and then the house put in it at closing

 

[Glynda]

When we moved deeds, titles and accounts into our trusts, we were required to submit certain pages of the written trusts in order to do so.

Oops. Just read your post above.

 

[WinniWoman]

My Bank Accounts are all JTWROS (Joint Tenants With Right of Survivorship) with one or more of my kids or ex-wife. The accounts do not have to go through Probate. All that has to be done is for the Survivor(s) to take my Death Certificate to the Bank and have my name removed from the accounts...

George

Yes. This I know. We just did not want our son as a joint tenant on our accounts, but as a "Payable on Death" or "Transfer on Death". This way if he ever had any issues like getting sued- got married- let's say- and then divorced- our money would not be involved in any of his disputes while we are alive. Have to think of all the scenarios that could happen while you are alive and someone is on your accounts- not only when you are dead.

 

[am1]

Seems like a lot of work and added cost.