Ask Terry Questions Trust — and my home

Trust — and my home

By Terry Savage on July 17, 2019 | Financial Planning / Retirement

My daughter is the executor of my trust.Should I put my house in her name before I pass,so it won’t have to go to probate?

Terry Says

Did you create a REVOCABLE LIVING TRUST?  Did you use an attorney?  Your attorney should have required you to change the title to your home into the name of your RLT!  Then at your death, it will be easy to change the title to the name of your beneficiary.

It’s easy to change the title — even if you still have a mortgage — and there are no tax implications.  If you have a mortgage, you’ll need a copy of your trust documents. Then contact the lender and ask to have the name changed on the loan and the title.  If the house is fully paid off, you’ll need a title company to do the transfer.  Ask the attorney who drew up the papers to help you through this process.  And don’t procrastinate.  Your revocable living trust will do you no good if you don’t change title to the home into the name of the trust!

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