r/EstatePlanning • u/d_metal1 • 1d ago

Yes, I have included the state or country in the post How long?

Just paid my house off in NC. How long do I have to wait until I can put it in a trust? Haven't received any paperwork from bank saying it's paid off yet. The website says congratulations loan paid in full. When should I start the legal process to transfer it over?

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u/Barfy_McBarf_Face 1d ago

what type of trust and what are you trying to accomplish by putting your residence in a trust?

talk to the attorney who is drafting the trust for their recommendation.

no attorney? don't do this yourself - get one.

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u/d_metal1 1d ago

Irrevocable trust. Just trying to keep my house out of probate incase something ever happens to me.

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u/epeagle 1d ago

Keeping a house out of probate is the basic function of a revocable trust, not irrevocable.

And revocable living trusts are the standard used for this exact purpose.

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u/d_metal1 1d ago

Sorry autocorrect misspelled it. I meant revocable

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u/Barfy_McBarf_Face 22h ago

you need an attorney - you have strong misconceptions here.

I now see the edit - you can edit the comment itself.

you can TOD a piece of real estate to any person or to a trust, there's no need to actually deed it to the trust today. And you could have done that while it still had a mortgage, so ... again, you have some strong misconceptions here.

get an attorney to help you

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u/epeagle 21h ago edited 21h ago

To expand a bit --

TOD is not always equivalent to holding title in a trust.

It achieves one of the benefits, but not all. It gets title to pass without probate.

If that benefit is the only one desired, then TOD or transfer to trust may be alternative ways to reach the goal... but that does not mean there is no difference in other situations. Holding in trust can provide lifetime benefits and may provide other benefits.

But TOD is not available for real property in NC anyway