Q: How to transfer jointly owned vacation home into revocable trust in Maine?
We have a vacation home in Maine that my wife and I own jointly. We want to put this property into our already established Revocable Trust, which contains all relevant instructions. What steps do we need to take to complete this transfer?
A: Generally, you just need to have a deed prepared to transfer the property into the trust. If there is a mortgage on the property, that may need to be refinanced. Otherwise, it is a fairly simple matter.
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A: Grantee on the Deed must be the actual Trustee of the Trust, not the Trust itself. Hire a NH attorney to draft that Deed with a total discretion term in the granting clause for the Trustee to convey it out later.
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A: Grantee on the Deed must be the actual Trustee of the Trust, not the Trust itself. Hire a ME attorney to draft that Deed with a total discretion term in the granting clause for the Trustee to convey it out later.
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A:
Transferring your jointly owned vacation home in Maine into your revocable trust involves several key steps to ensure the property is properly titled and managed according to your estate planning goals.
**1. Prepare a New Deed:**
You'll need to draft a new deed—typically a quitclaim or warranty deed—that transfers ownership from you and your wife as individuals to yourselves as trustees of your revocable trust. The deed must include the full legal description of the property and be signed in the presence of a notary public.
**2. Record the Deed:**
After notarization, file the new deed with the registry of deeds in the Maine county where the property is located. This step is crucial to make the transfer legally effective and to ensure the public records reflect the trust's ownership.
**3. Notify Relevant Parties:**
Inform your homeowner's insurance provider about the change in ownership to ensure continuous coverage. If there's an existing mortgage, notify your lender as well. Under the Garn-St. Germain Act, transferring residential property into a revocable trust should not trigger a due-on-sale clause, but it's prudent to keep your lender informed.
By completing these steps, your vacation home will be successfully transferred into your revocable trust, aligning with your estate planning objectives and potentially simplifying future asset management and distribution.
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