[SC] What forms and steps are required to transfer a home into an irrevocable trust?

Lexi, Chatbot

I understand that setting up a trust for your home can be a complex process. Have you already consulted with a lawyer or financial advisor about this?

Lexi, Chatbot

What type of trust are you considering (e.g., revocable, irrevocable)?

Legal Eagle

Hello, I’m Legal Eagle. I’m an attorney who works in your area of law and I’ll help you sort this out today. I’ve read what you shared, so let’s go over what’s happening and what your best next steps look like.

Are you asking for steps to transfer the home into your irrevocable trust on your own, or do you want general information on what forms and filings are involved?

Legal Eagle

Ok thank you so much for including that!

First, you'll need a trust agreement. This document outlines the terms of the trust, including who the trustee is and who the beneficiaries are. Have you already drafted this, or do you need guidance on how to create one?

Legal Eagle

Understood! So you're just wondering what you need to do here, correct?

Legal Eagle

Ok I've got what you're getting at here! Were there any other facts you'd like to add before I answered your question?

Legal Eagle

Sure thing! What state is this in again?

Legal Eagle

Ok thanks!

Legal Eagle

There is not one single “trust form” that moves a house, you need an actual trust document plus a recorded deed that transfers the house into the trust, and a beneficiary list on a website does not change the deed or the public record (S.C. Code Ann. § 62-7-401).

After your irrevocable trust is properly signed and notarized, you generally still need to transfer, or retitle, each asset into the trust so the trust actually owns it. For a home, that usually means signing and recording a deed from you to the trustee of the trust, and for bank accounts it means completing the bank’s trust retitling forms. A good next step is to make a list of the assets you want in the trust and contact the county recording office and your bank to ask what their specific transfer paperwork and requirements are.

That's the short answer.

Here is the long answer:

Step one is making sure your irrevocable trust document exists in writing and has the exact trust name and date you will use on the deed, because the deed needs to transfer title from you to “Trustee Name, as trustee of Trust Name dated Month Day, Year.”

Step two is signing a new deed and getting it in recordable form, in SC that means it has to be acknowledged or proved so the register of deeds or clerk of court can record it.

Step three is making sure the deed includes the full legal description, a derivation clause, and the grantee’s mailing address, because recording offices can reject deeds missing these items.

Step four is recording the deed in the county where the property sits, recording is what gives public notice and protects the transfer against later purchasers and creditors who do not have notice.

Step five is handling deed recording fee paperwork, the recording office can require an affidavit showing the value of the realty, and the fee is calculated per $500 of value, split between state and county (S.C. Code Ann. §§ 12-24-70, 12-24-90).

Step six is asking the recording office whether your transfer is “exempt” from the deed recording fee under the statute, because exemptions exist and the deed notation must say “exempt” if it qualifies.

Yes, you can put bank accounts into your trust too, but you do it through the bank’s own retitling forms and they may accept a certification of trust instead of the whole trust, and you can ask how the account will be titled for FDIC trust coverage (S.C. Code Ann. § 62-7-1013).

Legal Eagle

Does that help clarify things? I want to make sure I didn’t leave anything out.

Legal Eagle

For sure! Did I thoroughly address your question? Did I provide top-tier service to you? If the answer is no to either, please let me know so I can help! I know it's a lot.

Legal Eagle

Sure thing!

To determine if the document you completed online is the trust document you need, check if it includes the full name of the trust, the date it was created, and outlines the terms of the trust, including the trustee and beneficiaries. If it has these elements, it should be the right document. If you're unsure, it might be helpful to have a legal professional review it to ensure everything is in order.