Personal Property In A Trust In Chicago
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FAQ
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
One disadvantage of placing your house in a trust is the loss of direct ownership. Transferring your property to a revocable living trust makes the trust the legal owner. While you retain control as the trustee, this change in ownership may affect your ability to mortgage or refinance the property.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
In most situations, one would typically want to maintain full control of personal property assets. As a result, few would use this type of trust planning for personal property. An exception might be an heirloom of great value that spends most of its time in a safe deposit box.
The short answer is yes. There is, of course, some nuance to that, but a trust can hold ownership or title to anything that an individual can hold.
Putting your home in a trust has many advantages, including avoiding probate. However, the process of creating a trust and transferring ownership of your home can be complicated and must be conducted properly to avoid adverse consequences.
Putting assets, such as real estate, financial accounts, investments, insurance policies, and personal properties, in a living trust involves certain steps depending on the type of asset. These assets can be moved into the trust through legal documents such as deeds, title transfers, or assignments.
Trusts offer amazing benefits, but they also come with potential downsides like loss of control, limited access to assets, costs, and recordkeeping difficulties.
Grantors opting for these trusts lose their ownership rights to the assets within them. They lose the ability to decide how to manage or sell these assets.
You normally need not get very specific, unless an object is particularly valuable. It is enough to list the location of the property: "all household furnishings and possessions in the apartment at 55 Drury Lane."
