Legal Question in Wills and Trusts in Florida
living trust/real estate florida
Hello,
I wanted to set up a living trust and name my son and my fiancee as my beneficiaries. I intend to purchase a property in Jupiter Fl, and would like for it to be a part of said trust. Do I have to set up this trust before I buy the property, and de facto make the purchase in the trust's name, or can I just simply transfer the house under trust's ownership afterwords?
2 Answers from Attorneys
Re: living trust/real estate florida
It is generally a mistake to make boygriends beneficiaries and, absent significant assets, a trust -- in my opinion -- is unnecessary and overly complicated..
Re: living trust/real estate florida
Both are true. The advantage of setting up the trust first is that you won't have to pay anyone the retitling fees if you transfer the property afterwards. Additionally, when doing it advance, the title insurance, homeowners insurance, mortgage company are all being notified in advance. After the fact, it requires a little legwork on your part whereby making sure you put the correct language in the deed, addiing the trust as an additional insured on the insurance, and having the mortgage company permitting the ownership structure. Hence, better to do the trust first if you can, otherwise, you can still do it afterwards. Hope this helps.
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