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Revocable Living Trust in VA, PA


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#1 doris01

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Posted 03 December 2012 - 08:45 AM

I live in NYC and own real estate in VA and in PA. I would like to include these properties in a Revocable Living Trust in order to avoid probate. NY Trusts do not get recorded.

What are the steps I need to take to fund the trust with these properties?
How complicated and how expensive would this be?
Do I have to pay transfer fees in VA or PA?
Must this trust be recorded in VA and PA?

Thanks for your help!

#2 Guest_FindLaw_Amir_*

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Posted 03 December 2012 - 10:05 AM

This is a matter I would highly suggest you consult with a local Trusts Lawyer to address and advise you further in detail about your options. To learn more about trusts, you may wish to visit the Estate Planning Center and read Trusts as a good resource.

#3 pg1067

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Posted 04 December 2012 - 09:15 AM

What are the steps I need to take to fund the trust with these properties?


Unless any of the states mentioned has very unusual laws, you simply deed the property to trust. More precisely, the typical form would be to deed them "from Jane Smith, an unmarried woman [or whatever is appropriate under your circumstances], to Jane Smith, as Trustee of the Jane Smith Living Trust, dated December 4, 2012." Of course, the attorney who assists you in creating the trust should know the specifics here.


How complicated and how expensive would this be?


I'm not sure how useful my personal, subjective assessment will be to you, but my answer would be neither particularly complicated nor expensive.


Do I have to pay transfer fees in VA or PA?


I'm not sure exactly what you mean by "transfer fees." I don't know of any state that doesn't impose a filing/recording fee for a real property deed. You should be able to ascertain from the counter recorders/clerks where the properties are located whether there are any other fees.


Must this trust be recorded in VA and PA?


A trust is an intangible entity that is not capable of being recorded. If you're talking about recording the trust instrument, I don't know of any state that would require recording the trust instrument solely because you are transferring real property into the trust.

I should hope it would go without saying that a person who owns multiple properties in multiple states in which he/she does not live should be consulting with a competent attorney about estate planning issues.




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