Washington Deed and Assignment from individual to A Trust

State:
Multi-State
Control #:
US-OG-050
Format:
Word; 
Rich Text
Instant download

Description

With increasing frequency, individuals are transferring their mineral and royalty interests into trusts. Merely creating the trust is not adequate to accomplish this transfer. The individual must also transfer, by deed and/or assignment, the interest to the trust. This form addresses that situation.
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FAQ

Your Assets Might Not Be Protected: Another crucial point to note is that not all trusts offer protection from creditors. For instance, in revocable trusts, the assets are not protected from creditors as the grantor retains control of the assets. Potential Tax Burdens: Finally, trusts can carry potential tax burdens.

In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another. This usually happens when the beneficiary of a trust deed sells their loan to another lender.

To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.

Transferring financial assets to a trust To transfer assets such as investments, bank accounts, or stock to your real living trust, you will need to contact the institution and complete a form. You will likely need to provide a certificate of trust as well.

This transfer doesn't usually lead to an immediate tax obligation, meaning no tax is levied for merely changing the ownership. However, the trust, which now owns the stock, may become liable for taxes on dividends and capital gains from the stock.

For instance, personal property is relatively simple to transfer into a trust. It merely requires a signed statement that lists the assets being transferred. If the personal property is titled in the grantor's name, such as a boat or a motor vehicle, it must be transferred with the correct type of deed.

You can also transfer investment assets, like stocks, bonds, and mutual funds, to a living trust. To do this, you'll have to reissue the certificates for these assets in the trustee's name, or complete a transfer document.

A trust can hold a variety of different assets, including stocks, mutual funds, ETFs (exchange-traded funds), REITs (real estate investment trusts), cash, real estate, and other property.

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Washington Deed and Assignment from individual to A Trust