Part of estate planning may include creating a trust. Many people hesitate to create a trust because they might decide to sell real estate after creating a trust. If your estate plan includes a revocable trust or if you are considering an estate plan that includes a revocable trust, the process for buying and selling property in a trust is not complicated.
Selling Trust Owned Property
When real estate held in a trust is sold, the trustee must sign the closing documents. In most cases, the trustee is the person who created the trust, the grantor or settlor. Typically, the closing attorney will request a copy of the trust prior to closing so that he or she is able to verify that the trust is in existence, who the trustee is, and that the trustee has powers granted in the trust that allow the sale of property held in the trust. After providing the trust, the trustee like an individual will need provide identification at the closing to execute the documents.
Purchasing Property and Placing it in Trust
If you have a trust, when you purchase property that you wish to place in the trust, you have two options: (1) you can purchase the property in your own name and then transfer it into the trust with a second deed, or (2) you can buy the property in the name of the trust. If you choose to have the property put in the trust as closing, the closing attorney will likely need either a copy of the trust or a certificate for the trust for use in preparing the closing documents.
Contact a Georgia Estate Planning Attorney
If you do not have an estate plan or have an estate plan and need to update it, contact our Georgia estate planning attorneys at Grissom Law, LLC to set up a consultation. If you have a trust and need assistance transferring real property into the trust, we can assist you with this as well. Contact us at 678.781.9230 to schedule an appointment to discuss your needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.