Use case: Schedule ownership transfers of real property (e.g., a rental or main residence) from an individual to a Family Trust for the benefit of beneficiaries.
Prerequisites
- The Trust is already set up in the plan.
The properties you intend to transfer (e.g., Rental Property, Main Residence) already exist in the plan.
Transfer a Rental Property into the Trust
Open the property and go to Ownership Transfers and select Add Transfers.
- The first thing you will need to do is either select an existing event on the timeline or create a new one to identify when you would like the transfer of the property into the Trust to occur. Once you have selected the timing, select "Set as start event".
3. Then scroll down further on the page and transfer the ownership to the Trust.
4. Alternatively, if you wish to do a partial ownership transfer, you can toggle off the option that says "Transfer all ownership," and it will allow you to make a partial ownership transfer into the trust.
Verify Your Work
- Using the Trust Charts Year View → Property tab
- Navigate to Age 75:
Vacation Property shows the Trust as the owner.
- Navigate to Age 75: