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You should inform your home owner''s insurance carrier of the transfer. irs California franchise tax board. The insurance company should show the trust as an additional insured on the policies. Creditors. Finally, if you have significant debts, own assets which have the potential for claims, or participate in a profession where claims may be made against you, you may be giving up creditor protection if you transfer your home. irs Irs problems. This is because creditors cannot seize real estate which is jointly owned with your spouse. Therefore, transferring the residence to your trust likely places it at greater risk to creditor. s claims. irs Tax shelters. Documentation. To transfer the residence you will need to file a deed with the Register of Deeds, file a homestead update with the city or township if it is your primary residence, file a property tax affidavit with the city or township assessor and you may have to file a land division affidavit with the city or township. If it suits your circumstances, due to the complexity of the issues involved, a professional should assist you in preparing all documents transferring your residence to your living trust. FUNDING LIVING TRUSTS: MORE (AND LESS) THAN AVOIDING PROBATEBy Susan Gell MeyersMany clients wonder whether they should fund their living trust during their lifetime. The following questions and answers address thatconcern. What is Probate? Probate is the post-death legal process by which your assets are administered and eventually retitled in your designated beneficiary''s name. Michigan''s probate process includes modern, streamlined alternatives, but all probate involves some delay of distribution of assets, cost and public notice. Only property in your own name at death is probated. Assets in joint name with rights of survivorship and contractual assets payable to a named beneficiary (such as life insurance) avoid probate. One form of Michigan probate proceeding, known as . independent. probate, is an informal probate process that seldom requires direct court involvement and, if death taxes are not involved, can be completed in as little as six months, with partial distributions of assets made prior to that time. Isn''t Probate Open to the Public? Wills and all probate proceedings are matters of public record and can be reviewed by the general public upon request. In addition, in a supervised probate proceeding, a detailed inventory of your estate is made part of the public record. Michigan independent probate, however, permits maintaining confidentiality as to the inventory.
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