We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. We remain open during the shutdown period, so please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Skip to Content
Klenk Law

Do I have to move my Gloucester County house into my Revocable Living Trust?

Posted on Wed Sep 9, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” Mailbag: Funding Revocable Trusts with Houses

Most Recently Updated July 19, 2018.

“I had a Revocable Living Trust created several years ago, but I have not put anything into it. I own my Philadelphia home, a few bank accounts and investment accounts. My daughter lives in California, but I want everything to pass to her at my death. I want the transfer to be easy. Should I move my house from my name into the Revocable Trust?”

How to Keep the family home in the family

Funding Revocable Trusts with Houses

Funding Revocable Trusts with Houses

The goal you have stated in forming your Revocable Living Trust was to make things easier on your daughter who lives in California. Though your intentions are good, without moving the house into the trust you really have done nothing to help her.

The Basic Idea of a Revocable Trust

The basic idea surrounding a Revocable Living Trust is that during your lifetime you either move your assets into the trust or you set things up so that at your death, they pour into the trust. For example, your bank and investment accounts could be made TOD (transfer on death) into the Revocable Trust. This way, at your death, your daughter can take over as successor trustee and collect the assets using only your death certificate. There is no need to file your Will. Those accounts pour into the trust automatically by contract at your death.

Real Estate Must Be Moved During Your Lifetime

There is no way, though, to do this with your real estate. Real estate must be moved into the Revocable Living Trust during your lifetime for the system to work. If you do not, your daughter will be forced to file your Will. Instead, you can have us file a Quit Claim Deed moving your house from your name into the Revocable Trust. This way, at your death, your daughter will become the successor trustee and can immediately place the house up for sale. There is no need to file the Will.

With these last few steps, your Revocable Living Trust will become a useful tool.

More Planning Questions?

Funding a revocable trust is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Funding Revocable Trusts with Houses

I hope that this article was helpful in explaining funding a revocable trust. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Gloucester County, Living Trust, New Jersey, Revocable Trust

What Our clients are saying

Klenk Law Logo
Stars

Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.

Klenk Law Logo
Stars

Peter Klenk and his associates are responsive and professional - It is a pleasure to work with their team. If you have needs in estate planning or administration, they are the firm to go to in the Philadelphia area!

Klenk Law Logo
Stars

Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.

Klenk Law Logo
Stars

I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.

Klenk Law Logo
Stars

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Let us put our expertise to work for you.

Free consultation within 24 hours.