This form is a Warranty Deed where the grantors are husband and wife and the grantee is a trust. Grantors convey and warrant the described property to trustee of trust less and except all oil, gas and minerals, on and under the property owned by Grantors, if any, which are reserved by Grantor. This deed complies with all state statutory laws.
Georgia Warranty Deed from Husband and Wife to a Trust
Category:
State:
Georgia
Control #:
GA-015-78
Format:
Word;
Rich Text
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When they pass away, the assets are distributed to beneficiaries, or the individuals they have chosen to receive their assets. A settlor can change or terminate a revocable trust during their lifetime. Generally, once they die, it becomes irrevocable and is no longer modifiable.
Make sure the name of your trust is exactly the same named used in your trust and in your new deed. When using your trust to hold title to any real property in California, you should use the full legal name of your trust.
Open a bank account in the name of the trust. Close out any bank accounts the grantor established for the trust and put the proceeds into the new trust bank account. Cash in any life insurance policies that name the trust as beneficiary and put the proceeds into the trust bank account.
When you're ready to transfer trust real estate to the beneficiary who is named in the trust document to receive it, you'll need to prepare, sign, and record a deed. That's the document that transfers title to the property from you, the trustee, to the new owner.
Transferring Real Property to a TrustYou can transfer your home (or any real property) to the trust with a deed, a document that transfers ownership to the trust. A quitclaim deed is the most common and simplest method (and one you can do yourself).
In most cases, the surviving owner or heir obtains the title to the home, the former owner's death certificate, a notarized affidavit of death, and a preliminary change of ownership report form. When all these are gathered, the transfer gets recorded, the fees are paid, and the county issues a new title deed.
The advantages of placing your house in a trust include avoiding probate court, saving on estate taxes and possibly protecting your home from certain creditors. Disadvantages include the cost of creating the trust and the paperwork.
Expect to pay $1,000 for a simple trust, up to several thousand dollars. You may incur additional costs after the trust has been established if you transfer property in and out or otherwise move things around. However, the bulk of the cost will be setting it up initially.
Obtain a California grant deed from a local office supply store or your county recorder's office. Complete the top line of the deed. Indicate the grantee on the second line. Enter the trustees' names and addresses.