I currently reside in CA, own 2 rental properties in FL and TX. i plan on setting up a Living Trust in which these 2 properties are included. At the same time, i plan on setting up Quit Claim Deeds to transfer the 2 properties to the Living Trust. Is this a good way to avoid probate? Do I need to set up a warranty deed? I still have outstanding mortgage balances on both properties. Do i have to pay for any additional payment to the counties?
2 Answers from Attorneys
Different states have different ways of handling and naming Deeds. I would strongly encourage you to work with an Estate planning attorney to make sure all of your assets are properly titled into the Trust.
A trust does indeed avoid probate in California. As Aaron stated above, you really need an estate planning attorney to properly assist you in setting up a trust. Thus you should contact an attorney in your area to assist you further. Good luck.