how do I add a co-owner to my real estate if it’s in a trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
how do I add a co-owner to my real estate if it’s in a trust?
I want to add my daughter’s name as co-owner to my real estate
property how do I do that if my property is in a trust? I have greedy
relatives and I want to make sure that there are no disputes.
Asked on October 13, 2017 under Estate Planning, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can't add anyone as owner of real estate in a trust. You call this "your" real estate, but if it is in a trust, it is actually owned by the trust, even if it is owned, maintained, managed, etc. for your benefit--it's still the trust's property. So since it is not your property, you can't alter ownership; and moreover, only the person who created the trust can change it, and only if it is a "revocable" (changeable) trust--otherwise, everything in the trust is owned and managed as per the terms of the trust, and cannot be changed from what the trust specifies.
(Note: if you were the "settlor," or person creating the trust, *and* it was a revocable trust, you could revoke it, terminating it; then create a new trust with whatever terms you wanted and/or not create trust but simply own the property in your name and/or in your and your daughter's name.)
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.