Posted by Randy McKee on July 17, 2001 at 15:56:37:
If you’re going to make a Revocable Trust, you can do the trust first and then fund it later with the property by simply doing a quit-claim deed from you to your trust. This strategy won’t get you much help for asset protection, etc., but it will help you avoid probate and get your name off the deed.
If you’re going to make an Irrevocable Trust, you are better-off doing the trust first and then taking deed to house into the trust at closing. You can either have your Trustee there, or have a power of attorney from the Trustee to an agent who is authorized to close the deal on behalf of the trust. This method will provide you less flexibility but maximum asset protection.
The big issue here is what you’re hoping to accomplish by using a trust. If you let me know why you’re interested in this strategy and what you hope to accomplish, I can help you a lot more.
Best of SUCCESS!
Randy McKee, CEP