Transferring real estate to your Trust is an easy process if you know the correct steps to take. This blog is one of three on this process.
Transferring real estate typically requires signing a deed to transfer your interest in the property to the Trust and then recording that deed with the county.
The process varies a little by state. Each county can set its own requirements for how to format a deed, how to record a deed, and whether any other paperwork must be filed with the deed. Most states recognize several types of deeds, but “Quit Claim Deeds” or “Trust Transfer Deeds” are most commonly used to transfer property to a Trust in Colorado.
Here are the general steps:
- Check with your county recorder for any specific requirements for deeds. The county recorder should be able to detail any formatting requirements (or provide a template) and explain any other paperwork that may be required with a deed.
- Complete the deed by listing the Trustee of the Trust as the Grantee. A copy of the prior deed may be helpful and may also be obtained from the county recorder.
- Complete any other paperwork required for your county. Additional paperwork is often required to identify the beneficiary of the Trust. While you are living, you are the beneficiary of your Trust.
- Record the deed and file any other paperwork with the county recorder. Deeds may be recorded in person at the county recorder’s office or by sending the original deed by mail.
The information above is the first step in how to transfer real estate into a trust. The second step includes checking with your mortgage company on how to transfer the mortgage if the property is not owned outright. This second step will be discussed in more detail in my next blog post.
To find out more about transferring real property into a trust, and how to complete this easy process, contact Anne McMichael at [email protected] or at 303-572-4211.
Sources: https://help.trustandwill.com