Forge Trust Deeds In Arizona
Description
Form popularity
FAQ
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
The Title Holding Trust or Land Trust provides an excellent method for acquiring, holding and disposing of real estate without revealing the true owner's identity. Title is simply transferred to or from the Trustee upon the written authorization and direction of the beneficiary (owner).
Are you familiar with the deed of trust? In Arizona, this is the primary financial security document that's used when purchasing a home. While the deed of trust is similar to the mortgage, there are some notable differences to be aware of. If you're not sure how to differentiate the two, don't worry.
Forge Trust Co. is a non-depository trust company that custodies and administers alternative investments in self-directed IRAs to preserve their tax-advantaged status. Forge Trust provides you with the control to select and direct your own IRA investments.
In Arizona, you can take title as Community Property, Community Property with Right of Survivorship, Joint Tenants with Right of Survivorship, Tenants in Common, Sole and Separate, Single, Unmarried, Trust, and Corporations/Partnerships/Limited Liability Company.
To establish an Arizona trust, certain prerequisites must be met: Clear intent by the settlor to create a trust. Designation of a trustee, who acts as the steward of trust assets and fulfills fiduciary responsibilities towards its beneficiaries. Identification of at least one beneficiary to receive trust assets.
The deed of trust must then be recorded with the county where the property is located, and each of the parties (the trustor, trustee, and lender) should keep a copy of the recorded document.
There are many uses for a quitclaim deed, but one of the most common is to convey ownership between people who are related, like spouses, parents or other family members.
The grantor, or the current property owner, must sign the deed in the presence of a notary public. The grantor must also formally transfer the property from their name to the trust's name. This step solidifies the legal transfer and ensures that the living trust holds the property.
The quitclaim deed must identify both the grantor and the grantee or the person or entity receiving the interest in the real estate by name. Finally, one of the parties must record the quitclaim deed at the local county recorder's office so that it becomes an official document.
