How do I transfer my property to a living trust in Florida?

How do I transfer my property to a living trust in Florida?

To make a living trust in Florida, you:

1. Choose whether to make an individual or shared trust.
2. Decide what property to include in the trust.
3. Choose a successor trustee.
4. Decide who will be the trust’s beneficiaries – who will get the trust property.
5. Create the trust document.
6. Sign the document in front of a notary public.

How do you transfer your house to a trust?

Steps to Transfer a Deed into Your Trust

1. Locate your current deed.
2. Use the proper deed.
3. Check with your title insurance company and lender.
4. Prepare a new deed.
5. Sign in the presence of a notary.
6. Record the deed in the county clerk’s office.
7. Locate the deed that’s in trust.
8. Use the proper deed.

How do you transfer ownership of a home in Florida?

Complete the Florida quitclaim deed. Include the name of the grantor(s), the grantee(s), the county in which the property is located, the property address, the legal description of the property, a notarized statement, and witness signature lines. Have the Florida quitclaim deed notarized. Make copies for each party.

What’s the law on transferring property in Florida?

Florida statute granting power to the trustee: In order to avoid problems when a title examiner is determining whether the trustee of a trust has the requisite authority to transfer, mortgage, encumber or convey the real property in question, the deed should contain the Florida Statute §689.073 on its face.

Can a homestead be transferred to a living trust in Florida?

Conversely, there are similar scenarios in which it would make more sense not to transfer a homestead into a living trust. In Florida, interests in a homesteaded property are “devise-restricted” if the owner is survived by a spouse or minor children. Instead of transferring via will, the interest descends according to statute.

Who are the parties in a deed transfer in Florida?

There are two principal parties in a Florida property deed transfer: the grantor, who is transferring the property from his or her name, and the grantee, who is receiving the property transfer. Purchase or download a Florida quitclaim deed from an office supply store or real estate legal form website such as eForms.org.

Do you have to pay transfer tax in Florida?

When you record the deed, you also have to pay the transfer tax, which is based on the property’s sale price. The tax is levied at a rate of $.70 per $100 (or portion thereof) on documents that transfer interest in Florida real property.

When to transfer real estate to a trust in Florida?

In Florida, as long as the beneficial ownership of the property remains the same, documentary stamps will not be due upon transfer of the property to your trust. If asset protection is a concern, you should consult with an attorney before transferring real estate to your trust.

Florida statute granting power to the trustee: In order to avoid problems when a title examiner is determining whether the trustee of a trust has the requisite authority to transfer, mortgage, encumber or convey the real property in question, the deed should contain the Florida Statute §689.073 on its face.

There are two principal parties in a Florida property deed transfer: the grantor, who is transferring the property from his or her name, and the grantee, who is receiving the property transfer. Purchase or download a Florida quitclaim deed from an office supply store or real estate legal form website such as eForms.org.

What happens when you transfer property to a living trust?

When you re-title assets into a living trust, you are transferring ownership of those assets to the name of the trust. A trusts is one form of legal directive that can provide protection for owners an for beneficiaries.