Legal Question in Wills and Trusts in New York
Adding new property to irrevocable trust
Hi. My wife and I recently purchased a vacation home we would like to add to our existing premises trust for our children. Can we now file a quitclaim deed (as the other property had done when we made the trust). Is that enough? Or do we have to change the premises trust itself? There is no ''schedule of assets'' in the trust but it says we may at any time add property to the trust.
2 Answers from Attorneys
Re: Adding new property to irrevocable trust
You can file a quitclaim deed but also should amend the trust to include the identification of the asset being added.
Please let me know if you need any further assistance.
Re: Adding new property to irrevocable trust
I agree with Peter, but suggest you use the same type of Deed used when you bought the property. I have not seen your trust, know its language, the details of the purchase transaction (how you financed or are financing the purchase) or know your net worth, so what you should add and how (immediate gift to the irrevocable trust or over time) may be perinent. A complete answer depends upon more information, along the lines I have suggested. Your proposed transfer is a gift and there are ramifications to doing this. Contact me directly if you wish to discuss this further.
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