How to Transfer Real Estate to a Revocable Trust in New York State
Establishing a revocable living trust is an estate planning method designed to help beneficiaries access assets after your death without going through the probate process. During your lifetime, the trust is revocable, meaning you can use, withdraw or change the terms of beneficiary access at any time. Once you die, the trust becomes irrevocable, with assets distributed based on your desires. It is imperative to fund a trust, meaning change the title of bank accounts and real estate deeds. If the title doesn't state the asset is in the trust, the asset is subject to probate.
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Instructions
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Establish a family trust by using a trust template found on many word processing programs or through online legal self-help centers. An estate planning attorney is another option for writing the trust, but you can save thousands of dollars by doing it yourself if your estate is not extremely complex. A trust becomes legal when the signature of the trustee is witnessed by a notary public.
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Obtain a tax identification number solely for the trust. Call the Internal Revenue Service and complete the phone intake application for TIN, Form SS-4. The IRS phone number is (800) 829-4933.
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Go to the deed recording office in the New York county office where the property is recorded. Request a "Warranty Deed for Husband and Wife to a Trust" form.
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Call your mortgage lender, if you have one. Request consent from the lender to move the title into a trust. As the grantor of real estate into the trust, you will still be able to personally deduct NY property taxes and are still responsible for the mortgage, benefiting from any and all deductions.
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Complete the deed transfer form. Make sure the title states the name of the trust with you as the trustee of the property. You don't need to pay transfer taxes since you are moving the assets into a family trust.
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File the deed transfer form and attach a copy of the trust and lender consent with the county recorder's office.
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