What Happens To Real Estate When It Is Put Into A Revocable Living Trust?

What happens to real estate when it is put into a revocable living trust?

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Min Austria
Assistant at Ascent Law LLC

Real estate entails an additional layer of complexity that doesn't exist for other assets. That's because real estate is considered a "real property interest" in the trust and may have different tax implications than other assets held in the trust.

When a person owns real estate outright and then creates a revocable living trust, that person still remains the owner of the property and will continue to be subject to certain obligations regarding the property. For example, if you own a rental property, you are still responsible for being a good landlord even though you are no longer the legal titleholder. This is because you signed legal agreements with your tenants, who most likely have notice of your ownership of the property and can enforce their end of the bargain against you in court if need be. You also may want to address whether or not your trustee has standing to take over or sell your property in case something happens to you. If you're concerned about this possibility, it's best to consult with an attorney before creating your trust.

If you have any questions about Real Estate or need a Real Estate Lawyer, please call this law firm for a free consultation:

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Provo, UT, USA

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