I would like to know how to settle a living trust in Florida. The home was quit claimed into the name of the trust back when it was first established, and now it needs to be placed into the name of the beneficiary who is also the Trustee. Will another quit claim suffice to accomplish this? And is there anything else we need to do to settle this trust?
Although a quit claim deed from the trustee to the beneficiaries may be legally sufficient to convey legal title, you are well advised to seek the assistance of a trust and estates attorney to help you with the other legal requirements related to the administration of a living trust after the person who created the trust has died. The attorney will need to prepare an affidavit of trust to establish its homestead status and there may be other issues that need to be addressed before the beneficiaries can sell the property.
You should use a Trustee's deed to avoid any potential title problems. In addition, you may want to have someone review the original transfer to make sure it was done properly. Often a spouse who must consent did not and the transfer was invalid. The main concern it to have marketable title to the property when you are done.
Thanks for your question. Since I am an attorney, I cannot ethically give you specific legal advice on your situation, since you are not my client, but I can only provide you with general information that you may find helpful.
Generally, a quit claim deed is effective at conveying an interest from one party to another. However, there are many other issues to consider inorder that there is clear and marketable title. The last thing that you want to happen is discover when you go to settlement that you cannot provide marketable title to the piece of real estate that you are selling.
You should consult with a Estate Planning or Real Property attorney for additional guidance. A consultation would give you the peace of mind that you’ve handled the situation properly.
Best of luck,
Shawn C. Newman, Esq.
Attorney At Law
1881 NE 26th Street, Suite 212E
Wilton Manors, FL 33305
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