A living trust sometimes called a revocable trust, is a written legal document through which assets are placed during one’s lifetime and then transferred to the designated beneficiary at the time of death. This is typically done through a chosen representative, also called a successor trustee.
If the property is held in living trusts, it is transferred much like assets, not in a trust are distributed. However, if there is real property held in the trust, documents will need to show the transfer of title from the trustee to the beneficiaries.
Because title companies and those dealing with the property typically don’t know when someone has passed away, the successor trustee should first record an affidavit, Death of Trustee, for each piece of property held in the name of the trust. This is so that the public record will show that the original trustee has passed away.
Read more: How to Notify Heirs and Beneficiaries in Probate Estate
A certified copy of the trustees’ death certificate must be attached to the affidavit. To transfer title to real property from the trust to the
beneficiaries named in the trust, the successor trustee must also record the deed from themselves to the beneficiary. Therefore, before the title company ensures title in the beneficiaries’ name(s), they will require a certified copy of the trustee’s death certificate or creator of the trust and a copy of the trust document.
This is specifically for the property, but other assets such as savings, loan accounts, trust accounts, or miscellaneous are held similarly. The successor must contact principle parties to devise what is needed to transfer assets to the beneficiaries. Typically, a copy of the trust document and a certified copy of the death certificate will be required.
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One of the most important things is to be clear, concise, and have the proper documents to transfer real property. If you need help, assistance, or have questions about real property transfer, contact my office at any time.