Buying Property in the name of a Trust

Q. I would like to purchase property in the name of my trust. Will my lender allow me to do this?

A. The number of people purchasing property in the name of a family or revocable trust is increasing. Before applying for a mortgage, you should be upfront with your loan originator as to what your plans are and you must provide a complete copy for review by your lender as not all lenders allow you to take title in the name of the trust.  Lenders who allow trusts to own properties may require additional documentation for your loan.  A revocable trust can be a very useful tool for estate planning purposes as the assets owned by the trust skip the probate process and are immediately available to the beneficiaries upon your death.  This can be very helpful for families with young children.  Revoclable Trusts can also be fashioned to help maximize the amount of money you can pass to your children tax free.

See our website at http://www.nhclosings.com

As with any legal issue, the advice of a trained professional is always beneficial.  Our firm is a full service law firm covering such legal matters as personal injury and estate planning.  If we can assist you, please call or visit our website.

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Published in: on January 25, 2010 at 1:38 pm  Leave a Comment  

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