My Mother passed away last year, on May 26th, and in her Living Trust, gifted her home to my sister and I, as 1st 2nd Successor Trustees . My sister and I created a new trust with her deeded home being the sole asset, on July 20, then officially recorded a Quitclaim Deed, putting the property INTO IT, on Sept 28th. My 2-part question: Was there a specific, required time-period AFTER our Mother's death, that we should have Recorded the Quitclaim Deed after creating the new trust; And if SO, did filing it AFTER that deadline, affect the validity of the Recorded Deed, in that it could be contested in Court? Just want to ensure that our recorded interest is protected-Thanks
There is no issue as to the timing, but you should have an attorney review the deed. There also may be an issue with property tax reassessment. While a transfer from parents to children is exempt from reassessment if the proper paperwork is filed, a direct transfer to the new trust may not be exempt. The better way probably would have been a deed from the trustees to you and your sister, then a second deed from the individuals to the new trust.
This answer does not constitute legal advice, nor does it create an attorney/client relationship. If you are seeking legal advice upon which you intend to rely, you should hire competent counsel familiar with this area of the law in your locale.
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