Posted on: 24th Sep, 2008 01:59 pm
Can a quitclaim deed be used to transfer inherited property from a living trust after the grantor's death. What price would you put on the deed, $0 or appraised value?
Hi paulainfla!
Welcome to the forums!
After the trust grantor dies, there are certain paperwork which is necessary in order to transfer the trust property to the beneficiaries. This includes preparing new ownership documents. I do not think that a quitclaim deed will help you as the grantor is already dead. It is better you consult an attorney.
As no probate is necessary in case of a living trust, so the whole issue will be over within two or three weeks. You should also note that no court proceedings or papers are required to end the trust. After the documentation is complete, the trust just evaporates.
Coming to your next question, if you are speaking about stamp docs, then yes your will have to put an amount on the deed which your attorney will tell you. If you are speaking about taxes, then you should note that you will inherit the property at its current market value and if you sell it immediately, you will have to pay no taxes. However, if you sell the property after sometime, then you will have to capital gains tax and state tax.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
After the trust grantor dies, there are certain paperwork which is necessary in order to transfer the trust property to the beneficiaries. This includes preparing new ownership documents. I do not think that a quitclaim deed will help you as the grantor is already dead. It is better you consult an attorney.
As no probate is necessary in case of a living trust, so the whole issue will be over within two or three weeks. You should also note that no court proceedings or papers are required to end the trust. After the documentation is complete, the trust just evaporates.
Coming to your next question, if you are speaking about stamp docs, then yes your will have to put an amount on the deed which your attorney will tell you. If you are speaking about taxes, then you should note that you will inherit the property at its current market value and if you sell it immediately, you will have to pay no taxes. However, if you sell the property after sometime, then you will have to capital gains tax and state tax.
Feel free to ask if you have further queries.
Sussane
If the trust allows it, a trustee can transfer property out of the trust. Use a grant deed.
professer potter had me give him my social so he could leave something for me?
Hi leonard!
Welcome to forums!
I don't think it was a good option to give your social security number to someone else.
Sussane
Welcome to forums!
I don't think it was a good option to give your social security number to someone else.
Sussane