[MD] How do I transfer my primary residence into a revocable living trust and record the new deed?

Lexi, Chatbot

I understand that ensuring your revocable living trust is legally enforced is important to you. Have you already funded the trust by transferring your assets into it?

Lexi, Chatbot

Are you aware of the specific state laws that may affect the enforcement of your trust?

Jessica B

Hey there! I'm Jessica B., an attorney with many years of experience. I understand you've just completed a revocable living trust and want to ensure it's legally enforced. Have you considered the specific steps needed to add your real estate to the trust?

Jessica B

I can definitely guide you through the process of adding your real estate to the trust. First, could you let me know which state you're in? This will help me provide the most accurate advice.

Jessica B

Great, thanks for letting me know you're in Maryland. Could you tell me a bit more about the real estate you want to add to the trust? For example, is it your primary residence or an investment property?

Jessica B

Got it, thanks! Do you have the deed to your primary residence handy? This will be important for transferring the property into the trust.

Jessica B

In Maryland, transferring real estate into a revocable living trust involves changing the title of the property from your name to the name of the trust. This process is known as “funding the trust.” The deed must be prepared correctly to reflect this change, and it typically requires recording the new deed with the local county recorder’s office. Additionally, Maryland law allows you to transfer property into a trust (MD Estates and Trusts Code § 14-404 ) without affecting the mortgage or existing liens, but you should still check your mortgage documents or notify the lender if there is an outstanding loan.

It’s perfectly acceptable to name the trust after yourself (for example, “[Your Full Name] Revocable Living Trust”). To add your home to the trust, you’ll need to prepare a new deed transferring ownership from your individual name to the trust, often using a quitclaim deed or warranty deed. Once prepared and signed, the deed must be recorded with the county land records office where the property is located so the public record reflects the trust as the owner. If you have a mortgage, it’s also wise to notify the lender and update your homeowner’s insurance to list the trust as an additional insured or owner.

Jessica B

I hope I was able to help resolve your issue! If you have any other questions, feel free to ask. Don’t hesitate to reach out whenever you need assistance.