Securing A Property Transfer Deed In Living Will Trusts: What You Need To Know

11 September 2017
 Categories: , Blog

One of the less common real estate attorney services is transferring property to your heirs through a living will trust. If you intend to remain on the deed for financial purposes, you assume any personal liability for damages caused by your heirs. Of course, you could just transfer the property entirely, and avoid a personal injury lawsuit against the estate. Your heirs would assume that responsibility. Here is how that would work:

Hire a Real Estate Attorney and a Probate and Wills Lawyer

Working with these two lawyers, set the ground rules for the transfer of property. These are specific rules you expect your heirs to follow as they take over the family home and land. If you have no specific rules or expectations (e.g., your ex-spouse is not allowed on the property regardless of the transfer of deed), then you can just sign the property over to your heirs.

Documents in the Legal "Chain of Command"

The lawyer that handles the living trust has to draw up the documents that state the house is now the property of the heirs to which it has been given. The real estate attorney has you sign a quit claim deed and forfeiture of the property to your heirs. Then the real estate attorney creates a new deed, which everyone signs. All of the real estate documents are then handed to the lawyer managing the living trust.

Stamped for Approval

Once all of the appropriate documents are signed, sealed and delivered to the court as well as to you and your heirs, your heirs assume ownership and all that pertains to it. You have agreed to vacate the property, or make arrangements to secure a room in the home where you can stay when you visit. Usually, there is a date or deadline where you have to be out of the house before your heirs move in.

Make Sure Everyone Attends the Final Meeting

While not all of your heirs who are receiving the house need be present initially, they do have to be present at the final meeting where the property and the deed are transferred. Heirs that do not appear and do not sign waive their right to claim any portion of the property. It is important that you stress this fact to your heirs so that they do not miss the final meeting. Because you are still alive during a living will process, they also cannot contend this action if they do not show up.