Q: How to transfer jointly owned vacation home into revocable trust in Maine?
We have a vacation home in Maine that my wife and I own jointly. We want to put this property into our already established Revocable Trust, which contains all relevant instructions. What steps do we need to take to complete this transfer?
A: Generally, you just need to have a deed prepared to transfer the property into the trust. If there is a mortgage on the property, that may need to be refinanced. Otherwise, it is a fairly simple matter.
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A: Grantee on the Deed must be the actual Trustee of the Trust, not the Trust itself. Hire a NH attorney to draft that Deed with a total discretion term in the granting clause for the Trustee to convey it out later.
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- (865) 637-3035
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A: Grantee on the Deed must be the actual Trustee of the Trust, not the Trust itself. Hire a ME attorney to draft that Deed with a total discretion term in the granting clause for the Trustee to convey it out later.
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