Can I Transfer My Home Into My Revocable Living Trust If I Have a Mortgage on the Property?


Attorney Thomas B. Burton discusses how to transfer a property with a mortgage into a Revocable Living Trust and also discusses a federal law which facilitates such transfers.


Transcript of Video: Can I Transfer My Home Into My Trust if I Have a Mortgage on the Property?

Today's question can I transfer my home

into a trust if I still have a mortgage

on the property the answer is yes

there's a federal law called the

Garn -St. Germain Act which prevents lenders

from accelerating the due on sale clause

simply for forming a revocable living

trust a Grantor Trust of which you are

the grantor and settlor and into which

you place your home so for instance if

you have your primary home and you have

a mortgage on the property you can form

a revocable living trust and transfer

the property by deed into your name as

trustee of your trust without

accelerating the due on

sale clause in the loan documents other

things such as selling the property or

transferring it to a friend could

trigger that clause so you shouldn't do

them without consulting with your loan

officer and your loan agreement but

transferring the property into a trust

for estate planning purposes is done all

the time and totally fine if you have

questions about this talk with me or

another lawyer your attorney about how

to do it and consult with your bank as

to any special forms or info they need

filled out generally it just involves

filling out a deed and it's a nice thing

to give a bank the heads up that you

formed the revocable living trust and you

want to transfer the property into the

name of the trust for estate planning

purposes great question and thank you

for asking.

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

#Trusts #RevocableLivingTrusts #WisconsinAttorney #MortgagedPropertyIntoTrust #HomeinTrust #EstatePlanning #WisconsinEstatePlanning

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