adding a house to a Trust

[joenoesmo]

Jurisdiction

Texas

I created a Revocable Trust last month and I am looking to add a jointly owned house in TX to the Trust. Currently the deed is in my name, individually and wife's name, individually. If my portion of the house deed is changed to the Trust, do my wife and I have to sign a new deed? Or can I just change the title of the deed separately from my wife, to show the house listed as in the name of the trust and my wifie, as individual?

 

[zddoodah]

If my portion of the house deed is changed to the Trust, do my wife and I have to sign a new deed?

How would you "change" your "portion of the house . . . to the trust" except by signing a deed?

can I just change the title of the deed separately from my wife, to show the house listed as in the name of the trust and my wifie, as individual?

I have no idea what you mean by "change the title of the deed."

The only way to transfer title (to a trust or otherwise) is by execution of a deed. I would strongly suggest you confer with an estate planning or real property attorney. The reason(s) why you want to hold your interest separate from that of your wife (which is at least somewhat unusual) are important to understand in connection with how to accomplish your goal. Also, your lack of understanding of things suggests that you would benefit from a review of the trust you created.

 

[Tax Counsel]

I created a Revocable Trust last month and I am looking to add a jointly owned house in TX to the Trust. Currently the deed is in my name, individually and wife's name, individually. If my portion of the house deed is changed to the Trust, do my wife and I have to sign a new deed? Or can I just change the title of the deed separately from my wife, to show the house listed as in the name of the trust and my wifie, as individual?

Your post tags your state as Texas. Texas is a community property state. That means the spouses together own all the community property they have, even if only one spouse's name is on the deed. If you were to transfer all you interest in the home to the trust without the participation of your spouse that's going to cloud the title going forward. This is the kind of thing that you can easily screw up if you are not a lawyer practicing real estate law in Texas. Take the deed to the property and the trust agreement to a real estate attorney. You'll avoid problems that occur if you make it DIY project. If you didn't have attorney help in drafting the LLC charter and operating agreement, have the attorney look at that too. You need to be sure that the trust will be recognized as a revocable living trust in order to get the favorable basis step up in the property when you and spouse die.

 

[Foamback]

Your post tags your state as Texas. Texas is a community property state. That means the spouses together own all the community property they have, even if only one spouse's name is on the deed. If you were to transfer all you interest in the home to the trust without the participation of your spouse that's going to cloud the title going forward.

I noticed that right off too. It's amazing how people misunderstand community property even in its simplest examples

 

[Red Kayak]

I created a Revocable Trust last month and I am looking to add a jointly owned house in TX to the Trust. Currently the deed is in my name, individually and wife's name, individually. If my portion of the house deed is changed to the Trust, do my wife and I have to sign a new deed? Or can I just change the title of the deed separately from my wife, to show the house listed as in the name of the trust and my wifie, as individual?

Is there a particular reason that you want your portion in the Trust?

Depending on your reasons for doing this, it might make more sense for you and your wife to put the house in a real estate trust.