After a revocable living trust has been established can additional property be transferred to it?

That is a decision you make on your own based on the reasons for which you have a trust. There is no special rule book telling you what to transfer to your trust. If you want your home to be transferred out of your individual names and into a trust then you must execute a deed signed by both owners transferring the property to the trustee of the trust. It doesn't sound as though you know much about your "revocable trust". Trust law is extremely complex. Transferring your property to a revocable trust will keep the property in your names for tax purposes. It may also make the property vulnerable to creditors. It sounds as though you should consult with an attorney who specialize in trusts and estate planning before drafting any legal documents and transferring property on your own.

A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.

While I am not a Florida attorney, the general rule is that including property in a Revocable Living Trust does not change the ownership for purposes of a homestead exemption. Because such a trust is revocable at any time, it is still considered your property and therefore still qualifies for a homestead exemption.

A revocable trust is just that - revocable. If you are the creator of the trust, you can revoke it and change ownership of property.

A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.

The liens must be paid before the property can be transferred. The liens must be paid before the property can be transferred. The liens must be paid before the property can be transferred. The liens must be paid before the property can be transferred.

No. Not unless you specifically reserved the right to revoke the conveyance under certain conditions and the conditions were not met. Otherwise, a deed is NOT revocable. Generally, when you execute a deed the ownership of the property is transferred to the grantee.

Yes. The property must be transferred by the owner to the trustee of the trust. Yes. The property must be transferred by the owner to the trustee of the trust. Yes. The property must be transferred by the owner to the trustee of the trust. Yes. The property must be transferred by the owner to the trustee of the trust.

If you mean what property can be transferred to a revocable trust the answer is any property real or personal. However, the degree of protection provided by a trust depends on the type of trust. Since a trustor of a revocable trust retains a significant amount of control over the trust property that type of trust does not protect assets as well as a irrevocable trust can. The most common property transferred to a trust is real property. Assets such as actively used bank accounts (savings and checking) should not be placed in trust. Classic cars, costly jewelry, valuable coin collections, etc., can be transferred to a trust in order to remove them from the owners estate. Special needs trusts must be utilized to keep assets separate from individuals who depend on government benefits. If you are considering the transfer of your property to a trust you should speak with an attorney who specializes in trusts to determine what type of trust will meet your needs and expectations. Trust law is very complicated. Trusts should always be drafted by a professional who can review your situation, explain your options and draft a trust that will meet your needs and legal standards.

No, only the lawful possession of the property, and not ownership, is transferred.

Revocable and irrevocable trusts become a public record only if they have been recorded in the land records because they hold title to real property.

Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage. If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable. Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage. If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable. Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage. If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable. Yes, if the person whose name is on the mortgage owned the property at the time they signed the mortgage. If they subsequently transferred the property, it was transferred subject to the mortgage. If the person who signed the mortgage did not own the property at the time, the mortgage is not enforceable.

A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.

Generally no because property placed in a revocable trust is not part of a person's estate.

The trustee holds the legal interest in the property according to the terms of the trust. The trustee may mortgage the property if that power was granted in the trust instrument.

Life interest in a property certainly can be transferred. This happens when all parties are okay and support the agreement.

You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.

No. A deed is the instrument by which real property is transferred.

The Lake Property was established quite some time ago. The Lake Property was established in the year 1996 in the location known as the United Kingdom.

Yes, if by signing the quitclaim deed they transferred all their interest in the property to a new owner. Yes, if by signing the quitclaim deed they transferred all their interest in the property to a new owner. Yes, if by signing the quitclaim deed they transferred all their interest in the property to a new owner. Yes, if by signing the quitclaim deed they transferred all their interest in the property to a new owner.

Revocable Trusts A revocable trust is one where usually, grantor/trustee/beneficiary are the same person. It can be revoked or amended any time until the person's death. Upon death the trust property bypasses probate and assets are distributed to the heirs. Clarification A trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life. Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.

It can only be done through legal means. If there are liens against the property, it can be transferred or repossessed.

When properly drafted by a trust expert a trust protects any property transferred to the trust. When properly drafted by a trust expert a trust protects any property transferred to the trust. When properly drafted by a trust expert a trust protects any property transferred to the trust. When properly drafted by a trust expert a trust protects any property transferred to the trust.

That depends on the validity of the trust, the terms of the trust and the source of the property that was transferred to the trust. If you transferred property to the trust and the trust isn't valid then that property remains in the your estate. If the trust property is to be transferred to you upon her death then the property will become part of your estate. If the trust is not properly drafted the property will also be exposed to creditors. An improperly drafted trust can cause very costly legal problems when, for example, the trustor dies. Trust law is extremely complex and varies from state to state. A trust must meet the requirements of the federal tax code. You should have your trust reviewed by an attorney who is an expert in trust law and estate planning.

Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee. Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee. Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee. Every trust is different. You must review the particular trust to see if the property can be transferred to the trustee.