QUESTION
Do we need to transfer the title of my house (NJ) to our revocable trust (NJ)?
Asked on Jan 22nd, 2014 on Trusts and Estates - New Jersey
More details to this question:
My spouse & I do have a mortgage on this house. The deed is also in both of our names. If God forbid one of us cannot work, we cannot afford the mortgage on one salary. If one of us need to sell the property without any hassles, I think having the trust as the owner of the property will settle that. Of course, to avoid probate, too. We also have wills. Our revocable trust does have an incapacity clause. Our lawyer does not seem to support our idea of making the trust the owner of the property. He says we can always do a power of attorney; & that probate is not a problem in NJ. We are actually perplexed because a few years ago, the attorney's father, who is also an attorney, did transfer the title of our other home (which we also have a mortgage on still) in our revocable trust.
1 ANSWER
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i agree with the attorney that told you that you can always do a power of attorney and probate is not a problem. Transferring property to a revocable trust is always possible, but I don't see the need here, and its really not something that is done in New Jersey. You didn't say where your other house is that the first attorney recommended putting into a trust. Because if the property is not in New Jersey, then the answer would be different. If you own a second home in another state, having the property in a trust can be helpful because you don't have to do a second probate, and can sell the property if one of you dies.
Answered on Jan 23rd, 2014 at 11:12 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship