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Wondering how to transfer property into a living trust in Georgia?
In this article, you’ll learn about:
Let’s dig in.
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Here are the steps for how to transfer property into a living trust in Georgia:
First, you’ll need to create a living trust.
This is a legal entity that holds property and assets for the named beneficiaries.
The trust agreement should outline the:
Our trust attorneys can help you draft a trust agreement.
We can tailor it to your specific needs and requirements.
Read More: Tax Implications Of Transferring Property Into A Trust
Determine which property you wish to transfer into the trust.
This could include:
An example is John Smith identifies the following assets to transfer into his living trust:
Read More: Does Your House Have To Be Paid Off To Put It In A Trust
For each property or asset, gather the relevant documentation, such as:
Review the title documents of the property to be transferred into the trust.
This is crucial to ensure that there are no liens or other encumbrances on the property.
These are issues that could impact transferring property into a trust in Georgia.
To transfer real property into the trust, you will need to prepare a new deed.
This is typically a quitclaim deed or warranty deed.
The deed should name the trustee of the living trust as the new owner.
For example, let’s say you are transferring a house into a trust in Georgia.
The new deed would state:
“John Doe, as Trustee of the John Doe Revocable Living Trust, dated [date].”
Here is a list of the documents you should prepare for transferring the property.
Sign the transfer documents in accordance with the requirements of your jurisdiction.
For real estate, this may involve having the deed notarized.
For transferring property into a living trust in Georgia, this includes:
Our estate planning attorneys will handle this for you.
Read More: How Long Do You Have To Transfer Property After Death?
You will need to record or file the transfer documents.
Notify relevant parties about the transfer of property into the trust, such as:
Here are things to be aware of when transferring a property into a living trust in Georgia.
A due-on-sale clause is a provision in a mortgage agreement.
It says the borrower to pay off the mortgage in full upon the transfer of property ownership.
This clause protects the lenders.
It’s avoiding the risk of the new owner not undergoing the credit approval process.
When you transfer property into a living trust, you are changing ownership.
So it triggers the due-on-sale clause.
But, it does not always trigger the clause.
The clause is more of a fail-safe for the lenders.
Many lenders will waive the due-on-sale clause for moving property into a trust.
To avoid triggering a due-on-sale clause when transferring property into a trust:
You must update your property insurance policy to reflect the new ownership.
Failure to do so could result in:
Transferring property into a living trust does not typically affect your property tax obligations.
This is because the trust is a revocable and “pass-through” entity for tax purposes.
You should consult with a tax professional.
This is to ensure that the transfer will not have unintended tax consequences.
Moving property into a trust can impact:
There are two types of trusts that affect this:
Creditors might still try to get the assets in a revocable living trust.
They will use this to pay off the grantor’s debts.
The assets in the trust could also be affected by claims against the grantor from:
For irrevocable trusts, creditors might still access the assets in some situations.
This can happen if the:
Here are questions we normally get from clients on this topic.
To put your house in a trust in Georgia, follow these steps:
The disadvantages of putting your house in a trust include:
The cost of a living trust in Georgia can vary depending on:
On average, the cost of a living trust in Georgia ranges from $1,000 to $3,000.
Yes, a living trust can help avoid probate in Georgia.
By transferring assets into a revocable living trust, property ownership shifts from the individual to the trust.
The assets in the trust can be distributed directly to the beneficiaries.
And there is no need for probate court proceedings.
This process is generally:
If you need a property put into a trust, fill out the form on this page.
Our estate planning attorneys have the experience you need to avoid probate.
This way, you don’t:
We can provide you with that.
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