Legal Question in Real Estate Law in California
Adding a name to a title that is in a trust
I need to know how adding my name to the title of the house I live in which is under a trust for the--name removed--family will affect the property? I am the oldest daughter in the trust. The property is a rental property that I am currently occuping. How will it affect the taxes? and will I be able to take out a home equity loan on the house?
3 Answers from Attorneys
Re: Adding a name to a title that is in a trust
So many questions without the ability to answer them. Your question is so vague that I don't know of anyone can answer it/them. Turn off the computer screen, standout, go to the car and go to an appointment with a real live attorney way you can explain the whole situation, all the facts and yet real solid advice. You need an attorney who is expertise in estate planning/real estate. Do this immediately before you do something which really could have a long-term irrevocable effect.I have been practicing law in this legal area for over 30 years and understand your problem well. I practice in the S.F. Bay Area and if you wish to contact me call at 925-945-6000.
Re: Adding a name to a title that is in a trust
More information is needed to determine if your name can be added to the deed. Are you now a trustee of the trust? Is the property being distributed to you outside of trust? If it is a living trust and the trustors (the person(s) who created the trust) are still alive, then they need to gift you the interest you are to receive. You are not entitled to have your name placed on the deed simply by being a beneficiary of the trust, if the property is to remain in trust. If you'd like more information, please contact me at [email protected].
Re: Adding a name to a title that is in a trust
Names on a title supposedly show ownership or an ownership interest, but ownership interests are created by other events, e.g. a death causing an inheritance or change of trustee, a deed transferring ownership, a transfer to trust, etc.
Don't confuse the evidence of ownership with the acts or events creating the ownership.
Your question does not give a clue as to what has happened that gives you ownership which, in turn, permits or requires your name to be on the title.
When property is in a trust, title will usually stand in the name(s) of the trustee(s), e.g., "X (and Y) as (co-) trustees of the Z trust dated 00/00/0000" Therefore, your question suggests that you have become the trustee or a co-trustee of the trust. My recommendation would be to consult a lawyer who does trusts and estates work in the county where the property is situated. You will need some coaching as to how to carry out your role as trustee and to get the deed to reflect the current situation.