QUESTION
We are 5 siblings. How can we transfer the deed of the property into our name?
Asked on Mar 24th, 2013 on Estate Planning - Hawaii
More details to this question:
My parents left their property in equal shares between us 5 children in their trust. Does the title of the trust which bears our family name have to be changed? How do we transfer the deed of the property into our name? Do all of our names have to be listed when the property is divided?
19 ANSWERS
To be sure, I would need to review the trust. The successor trustee(s) can do what is necessary to handle the maintenance or transfer of the property.
Answered on Apr 04th, 2013 at 10:03 PM
The exact procedure is governed by the terms of the trust. The current Trustee must follow those terms to transfer or hold the property as the Trust dictates. You should consult a probate/real estate attorney to advise you how to proceed.
Answered on Mar 29th, 2013 at 7:33 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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This is one question among many in a proper post-mortem administration of a revocable trust. The successor trustee should contact a good estate lawyer and make sure that all the proper steps have been taken. The trust terms will say what is to be done with the property. Do yourselves a favor, sell the property and don't try to be five co-owners of real property. You are more likely to blow your family up than to get any special gain out of trying to hold the property. Just my opinion.
Answered on Mar 27th, 2013 at 1:37 AM
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You should have an attorney review the actual trust and advise you on the next steps. Without reviewing the trust, any action is based upon mere speculation.
Answered on Mar 26th, 2013 at 1:48 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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The trustee would sign a deed to the beneficiaries. If less than all five of you want the property, the others can be bought out.
Answered on Mar 26th, 2013 at 1:45 AM
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I would have to read the trust documents to be sure. You may be able to effectuate an earlier transfer with a family settlement agreement.
Answered on Mar 26th, 2013 at 1:43 AM
Thomas Edward Gates
It would help to know the terms of the Trust. If the Trust states this distribution of assets is permitted, then the Trustee drafts a Quit Claim Deed identifying the Trust as the Grantor and each of the children as Grantees. The Deed will reflect that each child own 20% of the real property.
Answered on Mar 26th, 2013 at 1:16 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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The successor trustee names in the trust must carry out the terms of the trust. Title of the trust should not be changed. The trustee can execute a deed to the five of you, or, possibly, if appropriate, sell the property and distribute the proceeds.
Answered on Mar 26th, 2013 at 1:06 AM
The trust will indicate what to do with the property. Does the trust state it remains in the trust or should it be liquidated or go outright to each sibling? You only need to transfer if it goes outright to each child. If it remains in trust then you do not need to re title as it is already in the trust. If it is to be sold, then you put it up for sale and when a buyer comes it will be transferred to that buyer. It is best to hire an attorney to determine what needs to be done.
Answered on Mar 26th, 2013 at 1:01 AM
Estate Planning Attorney serving Provo, UT
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Randy M. Lish, Attorney at Law
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The successor trustee will prepare a deed transferring title to each of you, each with a 20% ownership. Does the trust require that the property be distributed, or that the property be held in trust until a later date? Or the successor trustee can sell the property and distribute the proceeds equally.
Answered on Mar 26th, 2013 at 12:56 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If property is in trust, whoever is the beneficary of the trust is the owner. If you sell, the Trustee can sign the deed.
Answered on Mar 26th, 2013 at 12:55 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Its not difficult but I would contact an attorney to make sure it is done right.However, be careful and thoroughly think this through.. the problem with doing it yourself and transferring it to "your names" is that if it goes in all your names it is a lawsuit waiting to happen. If some, but not all, do not want to pay upkeep and taxes you will not be able to sell it without the agreement of everybody or a lawsuit.If you put in as "joint tenants with a right of survivor-ship" you will not be able to sell it without the agreement of everybody (a court has no power to upset the ownership) Instead I would sell it.. or put it in the name of an corporation or LLC .. so that you have a clear cut way to decide what to do with it afterward.. that requires less than everyone to agree.
Answered on Mar 26th, 2013 at 12:53 AM
Probate & Trust Attorney serving Seminole, FL
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Law Offices of Phillip Day, P.L.
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First read the trust and see how the distribution and allocation is to take place. If the trust says to distribute the property, most of the times, the trustee will sell the land as trustee and divide the monies up equally or in the percentages that the trust states. If you distribute the property directly to the children and put all of their names on it, it becomes cumbersome later to sell the property because it takes all of the children to sign the deed. But if it is a piece of land that everyone wants to keep in the family and everyone agrees to split the costs of ownership, then I guess you can just distribute the property directly.
Answered on Mar 26th, 2013 at 12:49 AM
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The trustee of the trust will record an affidavit of death of trustee and then record a deed from them as trustee to the 5 siblings.
Answered on Mar 26th, 2013 at 12:48 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The process is to transfer title from the trust into your individual names. How this is done depends on the terms of the trust.
Answered on Mar 26th, 2013 at 12:46 AM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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The name of the trust does not have to be changed. If the five of you want to own the property outside of the trust the Trustee needs to have a deed prepared transferring title from the trust to the five of you. The deed must specify whether you are to own the property is as "joint tenants with right of survivorship" or as "tenants in common." Tenancy in common has no rights of survivorship so each person would own an undivided one-fifth of the whole property. This is cumbersome but if you place the title in the names of the five of you as joint tenants, the survivor of the five would end up owning the entire property. It might be a good idea to sell the property and divide the cash.
Answered on Mar 26th, 2013 at 12:43 AM
First, you must follow the terms of the trust. Second, consider having the siblings create an LLC and the trust could then transfer the property to the LLC. Follow each step of the trust administration and consider obtaining the assistance of an attorney who specializes in trust administration.
Answered on Mar 26th, 2013 at 12:42 AM
The trustee should be able to do this with a deed. But consult with an attorney to make sure there are no issues and to do it right.
Answered on Mar 26th, 2013 at 12:41 AM
Real Estate Attorney serving Honolulu, HI
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Zahaby Law Offices
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Generally, The trust should be reviewed by an attorney and the Trustees properly instructed on how the property is to be conveyed. The Trustee or Trustees will sign the Deed.
Answered on Mar 26th, 2013 at 12:40 AM