You’ve created a revocable living trust, and now you need to transfer your property into it. The process is rather simple in Nevada, and yet it’s difficult to find detailed instructions on how to do it online. Here is a step-by-step process for transferring real property into your revocable living trust. As an alternative, we offer a deed transfer service and can do it for you.
Identify the legal description of the property you want to transfer. This official description will be included on the deed you received after purchasing the property, and often includes something like a lot number, plat letter, subdivision, city, state, and county where it was recorded. You can also find it on the Assessor’s website.
Determine which type of deed you want to transfer to your trust. One option is a general warranty deed. Using this type of deed says that you give certain warranties about the property, such as that you own it, you have a right to transfer it, and there are no “encumbrances” attached to it. Warranty deeds are generally ideal when selling or purchasing real estate.
Another option is a quitclaim deed. Many websites recommend using a quitclaim deed, but a quitclaim deed can create problems down the road when your heirs attempt to sell the property. A quitclaim deed makes no warranties about the property and most potential buyers would prefer to see an unbroken chain of warranty deeds attached to the property.
Draft a new deed or obtain a deed transfer form. You can attempt to draft this yourself, you can purchase a form online, or you can hire an attorney or title company to do it for you. The most important portion of the form needs to state specifically that you are transferring by warranty deed your property (with a description of the property) to your trust, including the specific name of the trust and the date it was executed. You must use the exact, correct description of the property. In Clark County, you also need to fill out a declaration of value. In most cases, a transfer to or from a living revocable trust is tax free.
The next step is to take the deed form to a notary where you will sign it and have it notarized. Do not sign the form until you are in the presence of the notary.
The final step is to take the notarized deed transfer form to the recorder’s office of the county where the property is located and have it recorded. In Clark County, you accomplish this by simply presenting your completed deed form and the declaration of value. You’ll also need to provide a copy of your trust, or your trust certification, and pay a fee of $40.00.
Let me know if you have questions about transferring property to a living trust in Nevada, particularly if you’re in the Las Vegas/Henderson area. I can also do the deed transfer for you for a fee that’s affordable.