Klenk Law

I have a Revocable Living Trust, but still own my Atlantic County land in my own name. Do I need to transfer the deed into the Revocable Living Trust to avoid probate?

Posted on Thu Oct 30, 2014, on Estate Planning

New Jersey allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and your Atlantic County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Atlantic County Surrogate.

Avoiding probate is possible only because during your lifetime, you have transferred all of your property into the Revocable Living Trust, or the property pours into the trust at your death.

Therefore, because you still own your Atlantic County land in your own name, you have failed in your goal to avoid probate.

If the attorney who assisted you with your Revocable Living Trust was doing a good job, you also have a “pour over will”. This will says, in short, that whatever is still in your name should be placed into the Revocable Living Trust at your death. If your estate is properly prepared, the pour over will is never filed. The pour over will is for things that you forgot about, like a CD you opened at the bank but failed to put into the trust.

In your case, to get the deed into the trust at your death your executor will have to file the pour over will with the Atlantic County Surrogate. Your goal of avoiding probate will not be met.

To avoid probate, this land need be placed into the Revocable Living Trust before you die. The Revocable Living Trust will own this land during your lifetime, but because the trust is “revocable”, you can sell it or take it out whenever you wish.

Your plan is only half done, take it to the finish line! If you need help with your Atlantic County deed, feel free to contact me.

If you have questions about avoiding Probate in Atlantic County New Jersey, feel free to contact our office for a free consultation.

Wills, Trusts and Estates, It’s all we do!

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Atlantic County, New Jersey

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