A revocable trust, also known as a living trust, is an entity created for the purpose of managing assets, which the creator can end at any time. The trust agreement creates the trust, sets all its terms and names the person overseeing the trust, known as a trustee. Usually, if you create a revocable living trust, you're also the trustee. Once you've created a trust in New York, you fund it by transferring your assets into the trust's name. If you want to place real estate into your trust, you can prepare and record a new deed to transfer the ownership interest from yourself to your trust.
Get a blank quitclaim deed form approved for use in New York. Visit an online document provider or an office store to get a blank form.
Read More: How Do You Remove the Executor of a Living Trust?
Put the owner's name as the grantor on the form. The grantor, in New York, is the person giving the real estate. Write in the grantor's address after his name.
Fill out the grantee part. The grantees are the trustees of the trust, and your wording must reflect this. Include identifying information for the trust, such as the date of the agreement. For example, Jane Doe is the trustee of the Jane Doe Living Trust, created on June 2, 2003. "Jane Doe, as Trustee of the Jane Doe Living Trust, created by an agreement dated June 2, 2003" would be acceptable phrasing for the grantee section. For multiple trustees, list each person individually as a trustee for the trust. Write in the trustees' addresses after their names.
Contact any lenders who hold a mortgage on the property. Ask for the lender's permission to transfer the ownership to the trust. If you transfer ownership without a lender's consent, the lender may accelerate the loan and demand full payment, especially if you're moving out of the property.
Fill in the consideration. In New York, consideration is how much the buyer is paying. If no money is changing hands and you want to avoid transfer tax, set the consideration at "$1.00" or "$1.00 and no more," the common deed wording for transfers for no money in New York.
Put the real estate's legal description in the blank space provided. The space should be labeled "legal description" or "Schedule A." The description is the land measurements in words and is found on the current owner's original deed.
Sign and date the deed in the grantor's spot in front of a qualified notary. New York requires notarization of the grantor's signature on a deed.
Visit the county clerk's office of the property's county. Ask for Forms TP-584 and RP-5217.
Complete Form TP-584. You need the name, address and Social Security number of the grantor and the name and address of the grantee. Complete all the questions about the property, which cover the property's type, address and size. Follow the form's instructions. Both grantor and grantee must sign the form, with the trustee signing as trustee for the trust.
Complete RP-5217. You'll need information about the buyer, seller and the property. Contact the local property tax office of the property's county if you don't know the real estate's assessed value, which is the value the property is taxed on. The grantor signs as the seller, while the trustee signs as trustee of the trust in the form's signature section.
File the deed and Forms RP-5217 and TP-584. Pay the recording fee, which varies by New York county.
You need a new legal description if the real estate's measurements have changed. Contact a licensed land surveyor to get a new survey and description.
You'll have to pay transfer tax in New York if money is involved in the transfer to the trust. Transfer tax is made of two components, a state and a county tax, and calculated by the sale amount. Contact the county clerk's office before you go to record the deed to get the current transfer tax rates.
Anna Assad began writing professionally in 1999 and has published several legal articles for various websites. She has an extensive real estate and criminal legal background. She also tutored in English for nearly eight years, attended Buffalo State College for paralegal studies and accounting, and minored in English literature, receiving a Bachelor of Arts.