Q: My stepmother lives in Florida and owns real estate in Oklahoma which has a mortgage she is paying. She set up a revocab
My stepmother lives in Florida and owns real estate in Oklahoma which has a mortgage she is paying. She set up a revocable trust in Florida naming the Oklahoma property to be added. To transfer the property to the trust does she just need to quit claim deed it in Oklahoma to her trust in Florida? If so, are there any additional steps needed? Does the mortgage still get paid in its installment payments from the trust after she dies?
A:
In order to transfer the property to her trust, your stepmother will need to execute a quit claim deed and record such in the land records of the county in Oklahoma where the property is located. Prior to doing so, she should confirm that no one else is on the title to the property. I recommend that she consult with an attorney about this matter.
As for your question regarding the mortgage payments, this really just depends on how the trust provisions are written. Without reviewing the trust, I cannot give you a definitive answer.
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