When you title your assets, you are formally documenting your ownership interests in valuable property such as real estate or motor vehicles. This process is typically done at the time of purchase, but you could retitle those assets to reflect a transfer, gift, or sale. Retitling assets in trusts is also a common part of estate planning that you could take advantage of in Coral Gables.
If you have questions about title issues in relation to your trust, a trusts attorney from Veliz & Associates, P.A. is available for immediate support.
The primary reason someone in Coral Gables might retitle assets in the name of a trust is to avoid probate after their passing. Probate court is the default way the state handles assets and debts after the death of an owner. However, there are notable costs and delays that come with these proceedings.
Avoiding probate is possible if you fully transfer ownership of your property directly to your trust. Because the trust formally owns these assets, your beneficiaries are not obligated to go through probate to determine how they should be distributed.
With many types of assets, formally retitling them is the only way to completely transfer ownership. For example, transferring the title of a vehicle to the trust is the only way to ensure it stays out of probate regardless of who actually has possession of it at the time of your passing.
The process of retitling assets to a trust depends entirely on the nature of the property. The steps to formally transfer ownership of real estate are very different compared to a payable-on-death bank account.
When it comes to real property, it is not enough to transfer ownership using a deed. The transaction is only formalized once the record of the transfer is filed with the county where the real estate is located. The same process is not nearly as complex when transferring ownership of a motor vehicle.
It is also worth noting that there are different types of ownership that can impact whether retitling property is necessary. If you are the individual—or sole—owner of the property, you will need to formally transfer ownership to avoid probate after your death.
This is not the case for other types of ownership. If your property is jointly owned with someone else, the asset will typically transfer fully to that person at the time of your passing. Therefore, avoiding probate is possible in this situation even if you do not formally retitle the asset.
Not all assets have a formal title or require this level of paperwork to transfer ownership. Understanding which property can only be transferred with formal paperwork is helpful to anyone setting up a trust. Some common examples include real estate, payable-on-death accounts, and motor vehicles.
If you have questions about formally transferring ownership of your assets to a trust, now is a good time to speak with an attorney so you can bypass probate.
If you have questions about retitling trust assets, you should not hesitate to call our Coral Gables office. Veliz & Associates, P.A. helps you evaluate your options and take the steps to ensure your final wishes are fulfilled. Contact us as soon as possible and schedule a private consultation to discuss your estate.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917