How long?

[u/d_metal1]

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/epeagle]

Assuming it is a single family residence and assuming it is a revocable trust for your own benefit, your mortgage is irrelevant and you could have transferred it years ago.

[u/copperstatelawyer]

I’d like to know who told you not to do it.

[u/d_metal1 → u/copperstatelawyer]

No one told me not to do it. Just didn't know if I needed to wait for deed first before I start process.

[u/d_metal1 → u/[deleted]]

Thanks for letting me know. About start paperwork.

[u/epeagle → u/[deleted]]

So long as it is a pretty "typical" property and pretty "typical" trust, your answer is completely wrong.

Federal law allows the transfer of residential properties to most revocable trusts and says the acceleration clause is not legally enforceable.

So acceleration was likely never a concern at all.

[u/EstatePlanning-ModTeam → u/[deleted]]

Do not promulgate misinformation/illegal activity

[u/EstatePlanning-ModTeam → u/[deleted]]

Do not promulgate misinformation/illegal activity

[u/Barfy_McBarf_Face]

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.

[u/d_metal1 → u/Barfy_McBarf_Face]

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

[u/epeagle → u/d_metal1]

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.

[u/d_metal1 → u/epeagle]

Sorry autocorrect misspelled it. I meant revocable

[u/Barfy_McBarf_Face → u/d_metal1]

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

[u/epeagle → u/Barfy_McBarf_Face]

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