Your home just may be the greatest investment that you make in your life time. You put a lot of love and hard work in your property and may have plans to keep that property in the family as long as possible. Unfortunately, death and accidents are as unpredictable as ever so it will be necessary for you to take certain precautions concerning your property so that it will remain in the hands of who you want no matter what fate befalls you.
A way of doing just this is by establishing a Living Trust. The living trust works partially as a will though it is certainly not a suitable substitute for all matters that are placed in a will. It sets up a Trust where all of your assets are kept, like your car, property, and home. Those assets can be managed according to your wishes during your life time.
So, if you become incapacitated somehow, your assets are still protected since they remain in the Living Trust. Most will name themselves as Trustees of their Living Trust so they have more control over the Trust itself and the items in the Trust. You will be able to name a successor of your Trust should something happen that renders you incapable of managing it anymore, like death.
If you have a Living Trust you will want your home put into the trust as a “Just in Case” measure. If you name yourself as the Trustee you will still be able to access the home and take it out of the Trust if need be. A reason for taking your home out of the Trust would be if you needed a mortgage or a Deed of Trust on the home in which case you will be able to place the home back into the Living Trust.
To place your home into the Living Trust you will need a Trust Transfer Deed. This will allow you to place the home into the trust, having the trust become the owner of the property for the time being. This way, should anything happen to you, your successor Trustee will be able to gain access and ownership to the home and whatever other assets are in the Trust. This will insure that the assets remain in the family or are in the hands of whomever you decided.
The Trust Transfer Deed will need to be filed with the country you live in and should have information such as the current mailing address and whatever else is seen as important to the home and the deed.
A Trust Transfer Deed is an important document and in many states is not regulated by the courts. However, it is important to discuss with your attorney or other legal advisor on the proper procedure concerning the transfer of the property from you to the Trust. If you do take the home out of the Trust you will have to go through the Trust Transfer Deed process again.
Trust Transfer Deeds are essential in making sure that your home can be managed by you or by anyone you see fit even if you are incapacitated by illness.