Just Bought a Home? Don’t Forget to Put it in Your Living Trust!
By Stephen Wood - Aug 06, 2021
When you create your living trust based estate plan with LivingTrustify, we provide a state specific checklist that lets you know how to retitle your real property into your living trust. In this article, we’ll cover what you need to do if you buy another piece of real property or sell your existing home and buy a new one after your living trust is signed.
If you buy another piece of real property, make sure to let your realtor know that you want to title it into the name of your living trust. When you are in escrow, you will receive paperwork that asks how you will be taking title. Make sure to list your name as trustee, followed by the name and date of the trust. For example, “John Doe, trustee of the Doe Family Trust dated January 1, 2021.”
You do not have to amend your living trust when you purchase another piece of real property. Think of your living trust as a bucket – you can put assets in and take assets out of your bucket without having to modify it in any way. The important thing is that your assets are titled in the name of your living trust. Our checklist will guide you in funding your living trust correctly.
The process is similar when you sell your home and buy a new one. When you are in escrow, make sure that you instruct them to put your new home into your living trust. You do not have to amend your living trust in this situation either.
If you have any real property that is not listed in your living trust, just go back to your checklist for instructions on how to title that real property into your living trust. If you still have questions, please don’t hesitate to contact the team at LivingTrustify. We are here to help!
