Legal Question in Wills and Trusts in Maryland
Transfering Real Property to Trust
We have a will (with pour over) and exemption trust set up in California. Now in Maryland, I understand we need to transfer real estate and other large funds to the trust. Since my spouse and I are still living, do we need to set up a trust name with a taxpayer number now, or after one of us passes on?
How can we put our property in a trust name without doing the above? When one of use dies, does the trustee have to change the property to another name if it will belont to the Irrevocable Trust?
Thanks
2 Answers from Attorneys
Re: Transfering Real Property to Trust
I refer to this type of trust as "probate around
the kitchen table". Unless you have a creditor
problem, which greatly complicates this type of
estate plan, you should immediately title all
of your assets (except your personal checking
account and autos) into the trust. If you transfer
now, you avoid or greatly minimize probate and you
give your trustee maximum flexibility to deal
with the property upon death or incompetency.
By doing the transfers now, you have accomplished
90% of the reason for setting up the trusts.
Our firm handles transfers of property and
accounts into revocable trusts for a flat
fee, quoted in advance. Please feel free
to contact us if you need any assistance.
Re: Transfering Real Property to Trust
The will needs to be reviewed under MD law (your current state of residence) because there are issues under MD law that need to be carefully considered and dealt with concerning the structuring and administration of the Estate Plan. An experienced probate/estate planning attorney should be able to handle this under MD law. Please note that my legal services are available only with a signed engagement agreement in accordance with the Code of Professional Ethics applicable to attorneys licensed in the state of MD. If I can be of any help to you or people you know, give me a call as I would be pleased to provide legal support. Sincerely, Robert Beatson, II; 3-14-2002, 12:35 p.m. EST; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.
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