OUR PRACTICE

TRANSFERRING REAL ESTATE DEEDS

Transferring real estate deeds in California

A revocable living trust document is like a fancy new fireproof and burglar proof safe. It is there to protect the contents of the safe from fire and burglars. If you don’t put anything in the safe, however, it is not of much use. The same is true with a living trust. It is a powerful document, but if you don’t retitle your assets in the name of the trust (i.e. put them in the trust) it loses most of its benefits.

Transferring your Home. For most people their most valuable asset is their home. Your home should be retitled in the name of the trust. This is not a complicated procedure for an estate planning attorney or a title company but it is usually a mystery to most homeowners. When you create your living trust make sure that transferring your home deed into the name of the trust is part of the package. If this transfer is not done properly it may cause major tax problems. A competent estate planning attorney can easily handle transferring your home into your trust.

Homeowner's Insurance. It is a good idea to have your Trust named as an additional insured on your homeowner's insurance policy covering your residence and its contents. This coverage should be obtainable through your insurance broker either at no cost or for a nominal fee.

Future Purchases of Real Property. Any real property you acquire in the future should be placed in the Trust. The easiest way to accomplish this is to have the original deed made out in the name of the Trust and name the Trustees. Your estate planning attorney can give you the exact wording to use.

One final point; even though your home is titled in the name of the trust, you still have complete control over it since you are the trustee. You can refinance, sell or do other transactions just as you have always been able to do.

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