The simple answer is yes.
The more complicated answer is that it is crucial that you consult with your estate planning attorney to discuss how the process must be completed from beginning to end to ensure proper titling of the real property.
During an estate plan review, one of the critical elements of the review is to ensure that there is proper funding of all of the assets to the Trust. In other words, all of the assets must be properly titled to the Trust.
It is possible to refinance property that is titled to the Trust; however, most lending institutions require that the property be titled in the individual name(s) of the owners, rather than titled to the Trust to proceed with the refinance. In order to accomplish this requirement, a deed must be prepared removing the property from the Trust and titling the property into the name of the individual owner(s). Once the refinance is completed, another deed must be prepared titling the property from the individual owner(s) back to the Trust.
I often refer to this deed work as the “volleyball game”, because the titling of the property is essentially going back and forth during the refinance process. Unfortunately, it is the second deed getting the property back over the volleyball net (titled to the Trust) that is often forgotten during the refinance process.
Please see one of our experienced estate planning attorneys to review your estate plan to ensure all of your assets are on the right side of the net.
Morris Hall Can Protect You in Today’s Litigious Society:
We live in a litigious society, where over 1 million lawsuits are filed every year in America alone. Financial predators are looking for ways to take funds from others and often use litigation as their means to do so. At Morris Hall we provide your assets and your loved ones with important protections that can prevent financial predators from taking advantage of you. We do this through proper and current estate planning techniques. With an MH living trust, we can also protect your property, assets and loved ones from probate, estate taxes, gift taxes, creditors, Medicaid spend-down, conservatorship or guardianship proceedings, ex-spouses and more. A living trust also keeps your asset and beneficiary information private and secure to avoid giving financial predators information to use against you and your family. Without a living trust, this information will be made public. For those living in Arizona, we serve the areas of Phoenix, Mesa, Gilbert, Fountain Hills, Scottsdale, Cave Creek, Prescott, Flagstaff, Sedona, Tucson, Sonoita, Arrowhead, Avondale, Goodyear and Tempe. In we serve the areas of , , Rio Rancho, White Rock, Alamogordo, Truth or Consequences and more. Contact us today at 888.222.1328 to schedule an appointment with an attorney in your area!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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