QUESTION
Can I establish the trust with the property I am purchasing included prior to closing on the house?
Asked on Aug 24th, 2016 on Estate Planning - Ohio
More details to this question:
I am purchasing a home but currently live and own property in another state. I want to place the home in a living trust, but I currently do not have one. Should I take title to the new home in my name only, then establish the trust and transfer the property into it? The property I own in a different state would not be affected.
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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I would advise establishing the trust first, if only to save the cost of writing two deeds.
Answered on Sep 20th, 2016 at 11:37 AM
Corporate/Business Attorney serving Beachwood, OH
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Christine Sabio Socrates Attorney at Law
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The trust must be established prior to the transfer of title to the trust. If you are unable to have the trust set up before the closing of the house, you can always put ownership of the property in your name and then transfer to the trust after it has been established. A trust can be established rather quickly if needed so it depends on where you are at with the purchase of your property. If you need assistance, I can work with you to establish the trust quickly.
Answered on Sep 19th, 2016 at 6:02 PM