Real Estate Transfer on Death

[JamesWhitney]

I am in Idaho and I understand that Transfer on Death for real estate is not allowed in my state. Is there any other way to transfer real estate on death to avoid probate without setting up a trust? I have one residential property that needs to go to the Trustee and I don't want their name on the title until I am deceased. Thanks.

 

[Zigner]

I am in Idaho and I understand that Transfer on Death for real estate is not allowed in my state. Is there any other way to transfer real estate on death to avoid probate without setting up a trust? I have one residential property that needs to go to the Trustee and I don't want their name on the title until I am deceased. Thanks.

Why don't you want to set up a trust?

 

[FlyingRon]

The trustee isn't necessarily the person who gets the property. The trustee is just the person who handles the trust affairs. The person who gets the assets is the beneficiary.

In the case of a living trust, the trust usually has your name both in the trust name and as the trustee. You can name who you want as the successor trustees and beneficiaries. Their identity doesn't exist outside of the trust document itself. The nice thing about a trust that a TOD can't do (even in states that have it) is that you can designate contingent beneficiaries at the time the trust is created rather than having to make sure your TOD provisions get updated.

 

[LdiJ]

I am in Idaho and I understand that Transfer on Death for real estate is not allowed in my state. Is there any other way to transfer real estate on death to avoid probate without setting up a trust? I have one residential property that needs to go to the Trustee and I don't want their name on the title until I am deceased. Thanks.

You got good advice from others but I think that you are confused about something. A trust is a legal entity of its own. If the home were to be deeded to the trust the trustee's name would NOT be on the home. The home would be owned by the trust. Also, a trustee is only the agent that manages the trust. The beneficiary (or beneficiaries) will eventually own either the home or receive the proceeds from the sale of the home. Yes, its possible for the trustee to also be a beneficiary of the trust, but that doesn't mean that the two positions are interchangeable.

 

[FlyingRon]

The trustee may not be the titled owner, but I can bet the trustee's name's on the deed somewhere. And again, he's going to be the trustee at the time the property is deeded to the trust. The identity of the ultimate beneficiary is going to be in the trust document, far from most prying eyes.

 

[LdiJ]

The trustee may not be the titled owner, but I can bet the trustee's name's on the deed somewhere. And again, he's going to be the trustee at the time the property is deeded to the trust. The identity of the ultimate beneficiary is going to be in the trust document, far from most prying eyes.

Perhaps, but what I was trying to get across to the OP that the trustee would not be the owner of the home.

 

[Zigner]

The trustee may not be the titled owner, but I can bet the trustee's name's on the deed somewhere.

Yes, on the trail, but not on the current deed, unless the name of the trust contains the trustee's name. A trust isn't required to have the trustee's name as part of it. I could make the "Happy Flying Trust" and title my house to the trust, with my name nowhere to be found on the deed.

 

[FlyingRon]

Yes, on the trail, but not on the current deed, unless the name of the trust contains the trustee's name. A trust isn't required to have the trustee's name as part of it. I could make the "Happy Flying Trust" and title my house to the trust, with my name nowhere to be found on the deed.
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Often the trustee's signature is on the paperwork somewhere. Still, it's rather irrelevant. He's not trying to hide HIS ownership. He's trying to hide the beneficiary of the trust on his demise.

 

[Zigner]

Often the trustee's signature is on the paperwork somewhere. Still, it's rather irrelevant. He's not trying to hide HIS ownership. He's trying to hide the beneficiary of the trust on his demise.

That's a valid point.

 

[TrustUser]

actually, the correct way to title an asset is to the trustee of the trust. that is not to say that there are not some incorrect deeds out there with only the trust name. however, as has already been stated, that name would be the op. the person that takes over the handling of the trust (upon the death of the op) would only be named in the trust document, under the trustee/successor trustee section.

to the op - at least in my experience, your successor trustee needs to have the trust document, and a copy of your death certificate, in order to take over the handling of it. i would also make sure that each beneficiary has a copy of the trust, just in case your successor starts playing games.

 

[Zigner]

actually, the correct way to title an asset is to the trustee of the trust.

That is not correct in all situations.

 

[JamesWhitney]

Why don't you want to set up a trust?

I am trying to find the simplest most cost efficient way to do this. I wanted to avoid spending thousands on setting up a trust but it appears that may be the way I have to go. Thank you for your advice.

 

[Zigner]

I am trying to find the simplest most cost efficient way to do this. I wanted to avoid spending thousands on setting up a trust but it appears that may be the way I have to go. Thank you for your advice.

Don't be penny wise and pound foolish. It won't cost you "thousands".

 

[LdiJ]

Don't be penny wise and pound foolish. It won't cost you "thousands".

I agree, even in areas where legal fees are high it should not cost thousands to set up a trust.

 

[adjusterjack]

I am trying to find the simplest most cost efficient way to do this. I wanted to avoid spending thousands on setting up a trust

Several sites on the internet indicate that a revocable living trust averages between 1000 and 1500 to start. If you are just concerned about the real estate you'll probably be at the low end of the fees. Call around for prices.

Another alternative (not recommended by lawyers, obviously) is to do it yourself. Forms and instructions for your state are available from several popular sources on the internet. You just have to make sure you study up very carefully and follow the instructions.