Congratulations, you now have a Revocable Living Trust (RLT), but how do you transfer real estate into the living trust in California? This guide specific to San Luis Obispo County outlines three methods to accomplish this: self-help, utilizing a title company, or engaging a legal document assistance service.
Consult Your Trust Attorney First
Before proceeding, consult your estate planning attorney. Transferring real property into your RLT may be included in your trust package or offered as an additional service. Confirm whether your attorney will handle the deed preparation and recording or if you’ll need to manage it independently. Be aware that attorney recording may be the most expensive choice.
Method 1: Self-Help (Do-It-Yourself)
For those comfortable with legal documentation, the self-help approach involves the following steps:
Step 1: Obtain a Trust Transfer Deed Form
Download a Trust Transfer Deed form, such as the one provided by A-List Escrow:
Step 2: Complete the Trust Transfer Deed
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Grantor: Your name as the current property owner.
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Grantee: Your name as trustee of your RLT.
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Legal Description: Use the property’s legal description from your existing deed.
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Transfer Tax Declaration:
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State: “There is no consideration for this transfer.”
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Indicate: “Documentary transfer tax is $0.00.”
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Include the exemption reason:
“This is a trust transfer under §11930 of the California Revenue and Taxation Code: Transfer to a revocable trust.”
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Step 3: Notarize the Deed
Sign the completed deed in the presence of a licensed notary public.
Step 4: Prepare the Preliminary Change of Ownership Report (PCOR)
Download and complete the BOE-502-A form:
Step 5: Record the Documents
Submit the notarized Trust Transfer Deed and the completed PCOR to the San Luis Obispo County Clerk-Recorder’s Office either in person or by mail.
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Address: 1055 Monterey Street, Suite D120, San Luis Obispo, CA 93408
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Phone: (805) 781-5080
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Website: Recording an Official Document
Fees: Recording fees vary; contact the Clerk-Recorder’s Office for current rates.
Method 2: Utilize a Title Company
Engaging a title company can provide professional assistance, ensuring accuracy and compliance. However, title companies primarily handle the recording of deeds and other documents as part of real estate transactions in which they are directly involved, such as property sales, refinances, or transfers they are facilitating. Nevertheless, some title companies may offer recording services for documents related to transactions they did not handle, but this varies by company and often depends on their policies and capacity.
Step 1: Contact a Reputable Title Company
Reach out to a title company you’ve previously worked with or contact others in your area.
Step 2: Request a Trust Transfer
Inform them you wish to transfer your property into your RLT.
Step 3: Provide Necessary Documents
Supply the title company with:
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A copy of your existing deed.
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A copy of your trust document.
Step 4: Review and Sign Documents
The title company will prepare the Trust Transfer Deed and PCOR. Review the documents carefully before signing.
Step 5: Notarization and Recording
The title company will arrange for notarization and handle the recording process with the county.
Step 6: Obtain Confirmation
After recording, request copies of the recorded documents for your records.
Method 3: Engage a Legal Document Assistance Service
Legal Document Assistants (LDAs) can prepare and file documents without providing legal advice.
Step 1: Choose a Registered LDA
Consider the following services:
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A People’s Choice
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Website: apeopleschoice.com
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ProSe Legal Service
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Website: proselegal.com
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The Document People
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Website: documentpeople.net
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Step 2: Provide Necessary Information
Submit details about your property and trust to the LDA.
Step 3: Review Prepared Documents
The LDA will draft the Trust Transfer Deed and PCOR for your review.
Step 4: Notarization and Filing
The LDA may offer notarization services or guide you to a notary. They will handle the submission of documents to the county for recording.
Step 5: Receive Recorded Documents
After processing, the LDA will provide you with copies of the recorded documents.
Note: While these methods are generally applicable, it’s advisable to consult with a legal professional to ensure that transferring your property into a trust aligns with your estate planning goals and complies with current laws.
