What is the proper way of transferring the house to the beneficiary now? 5 Answers as of June 04, 2014

I have a house in my living trust. I have decided to gift the house to the beneficiary now instead of the beneficiary receiving the property after my death. I am receiving different answers on this question. One attorney said a quick claim deed but another said that the property is already in trust so a quick claim deed will not work. This is a second home and not my primary residence.

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Frederick & Frederick PLC | James P Frederick
There is no such thing as a "quick claim deed." There is a quit claim deed, but whether or not that would be appropriate using a trust is one question. A more important question is what are you hoping to accomplish with this? There could be significant tax issues including gift tax, income tax and property tax. There could also be other complications if you ever need long term care. What you want to do can certainly be done by deed. The question is whether or not it makes sense to do this.
Answer Applies to: Michigan
Replied: 6/4/2014
Musilli Brennan Associates PLLC
Musilli Brennan Associates PLLC | John F Brennan
You should confer with an attorney, there are many issues here. The house will have to be deeded from the trust but there are a number of other considerations, including taxes, which should be examined and discussed before you act.
Answer Applies to: Michigan
Replied: 6/4/2014
Hamblin Law Office | Sally Hamblin
It really depends on the type of trust you have. Revocable vs Irrevocable. It also depends on the writing of the trust. An attorney would need to review to provide a proper answer. Sometimes it is better to gift property while still alive.
Answer Applies to: Michigan
Replied: 6/4/2014
Vandervoort, Christ & Fisher, P.C. | James E. Reed
I cannot answer this question without reviewing the terms of the Trust. Generally, however, the grantor of a Living Trust retains the right to remove any assets from the Trust during the grantor's lifetime. If this Trust permits this, then the Trustee can execute a Quit Claim Deed conveying the property to the beneficiary now.
Answer Applies to: Michigan
Replied: 6/4/2014
Law Offices of Ezra N. Goldman
Law Offices of Ezra N. Goldman | Ezra Goldman
The word is Quit - not quick. You can do a Quit Claim deem from the trust to the beneficiary. The bigger concern is gift tax you should discuss this with an accountant. You could end up with a serious liability if you give a person a large gift.
Answer Applies to: Michigan
Replied: 6/4/2014
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