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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: moving property out and back into trust Posted by Rick Harmon on March 30, 2004 at 4:17 PM In Reply to: moving property out and back into trust posted by toddwa on March 30, 2004 at 3:15 PM : Hi, : A property was in a trust ie. Igor, trustee for the Vulture Trust : dated 01/01/1999. Subsequently it was transfered out of trust to Igor so he could get a conventional : loan. Now He wants to transfer it back. Would it be to the same Trust? When the property : is removed doesn't that close the trust? : Thanks ========================== Nope. Igor's trust remains intact unless it has been terminated. Even if Igor performs a "house-ectomy" and then replaces the asset back into to the trust (called "funding the trust" or in this case, "re-funding" the trust again) it should restore the vesting ownership status as it existed before. However, Igor must still be alive in order to put the property back into his trust (absent a court order permitting it otherwise). Should be no problem. Just get a new notarized deed from Igor to "____, trustee of the ______ trust, under trust dated ______". Rick Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : A property was in a trust ie. Igor, trustee for the Vulture Trust : : dated 01/01/1999. Subsequently it was transfered out of trust to Igor so he could get a conventional : : loan. Now He wants to transfer it back. Would it be to the same Trust? When the property : : is removed doesn't that close the trust? : : Thanks : ========================== : Nope. : Igor's trust remains intact unless it has been terminated. Even if Igor performs a "house-ectomy" and then replaces the asset back into to the trust (called "funding the trust" or in this case, "re-funding" the trust again) it should restore the vesting ownership status as it existed before. However, Igor must still be alive in order to put the property back into his trust (absent a court order permitting it otherwise). : Should be no problem. Just get a new notarized deed from Igor to "____, trustee of the ______ trust, under trust dated ______". : Rick Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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