Or do I need 3 trusts, one for each state? Do I need to get mortgage lenders permission before quite claim my properties to the trust?
One trust is sufficient for purposes of state law. Whether you should have separate trusts is dependent on your own desires regarding control of the assets.
You will need permission from primary lenders for property that is not your primary or secondary residence.
Matthew Johnson phone# 206.747.0313 is licensed in the State of Washington and performs bankruptcy, short sale negotiations, and estate planning in Whatcom, Skagit, Snohomish, King and Pierce counties. The response does not constitute specific legal advice, which would require a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter; rather, it is intended to be general legal information based on the limited information provided by the inquirer; it This response also does not constitute the establishment of an attorney-client relationship, which can only be established after a conflict of interest evaluation is completed, your case is accepted, and a fee agreement is signed. Johnson Legal Group, PLLC
A revocable living trust in many States can be utilized to hold properties in various other states. This not only avoids probate in the home state-but it also avoids ancillary probate in other states. I am not licensed in the states you asked about,, so you must check with attorneys in those other states, but typically you could accomplish what you need to do with one trust. As for quit claiming your properties into the trust, you should have your attorney check with the mortgagee's, but we traditionally do not have a problem as long as we protect the bank's interest and I would not recommend doing the transfer without alerting your attorney to the fact that there are mortgages on the premises. It looks like you may be in very good shape-pending an opinion from the attorneys licensed in your state etc.
Bob Brenna Jr.
Brenna Brenna and Boyce pllc
Rochester, New York 14614
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In order to give an accurate answer to your question you would need to define what kind of trust you are referring to. Is your main purpose inheritance planning, tax planning or protecting the properties you mention and other personal assets from liabilities?
It is definitely a good idea to check with your lenders if changing titles may raise issues.
As you mention properties in 3 different states, I suppose the net worth we are talking about is above the 500k benchmark. In that case, you should definitely consider a sound asset protection plan that can be completed with (an) estate planning tool (s).
You need to seek advice with an estate planning / asset protection attorney.
Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.
I agree with my colleagues that you can accomplish this with one trust. You do not need separate trusts in each state. You MAY, however, need to consult with an attorney in each state, in order to properly fund the trust with the real estate. Your attorney in WA is not likely to be able to transfer the properties in PA and Texas.
Despite the hassle of doing this, deeds are inexpensive and the overall effect will dramatically reduce the costs after death.
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The beauty of a revocable trust is that if it owns the title to all land or real property interests outside of the state in which you live, then it won't be necessary to open an estate in each state in which you own property -- which could save a couple thousand dollars in each state. Most mortgage lenders will approve your deeding the property to yourself, as trustee of your revocable trust. Consult an estate planning attorney to prepare the revocable trust; then you can simply hire a title company to prepare the deeds for appropriate transfer to the trust ownership.