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Can a daughter transfer property into a revocable living trust after inheriting it?

Can a daughter transfer property into a revocable living trust after inheriting it?

Q: Can a trustee sell property in a revocable living trust?

Yes, a trustee can sell property held in a revocable living trust. Since the grantor retains control over the trust, they can instruct the trustee to sell the property. The proceeds from the sale will remain in the trust and can be used according to the terms set forth in the trust document.

Q: What happens to a revocable living trust after the grantor dies?

After the grantor of a revocable living trust dies, the trust typically becomes irrevocable. The trustee must then manage and distribute the trust assets according to the terms outlined in the trust document. This process usually avoids probate, allowing for a smoother transition of assets to the beneficiaries.

Full question:

Granto's , mom, dad and daughter own one third each undera survivorship deed of property located in Lake County Ohio. Mom and dad are transferring 1/3 each of their interest in that said property to daughter. Can daughter's property then be deeded into a revocable living trust .

Category: Trusts
Date: 04/07/2025
State: Ohio

Answer:

To fund a trust with real estate, the property must be transferred to the trust. This is typically done through a deed that the current owners prepare, transferring their ownership to the trust. The deed should be recorded at the county recorder's office where the property is located. In this case, after the daughter receives her share of the property, she can transfer it into a revocable living trust. The deed's grantor would be the daughter, and the grantee would be the trustee of the trust. It's important that the grantee is identified by their title as trustee, not personally. In Ohio, the deed must be notarized when signed.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is a revocable living trust?

A revocable living trust is a legal arrangement where a person (the grantor) places their assets into a trust during their lifetime. The grantor can modify or revoke the trust at any time. This type of trust helps avoid probate, provides privacy, and allows for easier management of assets if the grantor becomes incapacitated. Upon the grantor's death, the assets in the trust are distributed according to the trust's terms without going through probate.

How do you transfer property into a trust?

To transfer property into a trust, the current owner must prepare a new deed that transfers ownership from themselves to the trust. This deed must be signed, notarized, and recorded at the county recorder's office where the property is located. It's essential to clearly identify the trust and the trustee in the deed to ensure proper transfer.