List of US states that use trust deeds, list of states that use both deeds of trust and mortgages and a list of states that use mortgages.
Trust Deed States
Alaska
Arizona
California
Mississippi
Missouri
North Carolina
Nevada
Virginia
Washington DC
States that use Both Deeds of Trust and Mortgages
Colorado
Montana
Texas
Idaho
Nebraska
Utah
Illinois
Oklahoma
Wyoming
Iowa
Oregon
Washington
Maryland
Tennessee
West Virginia
* Georgia uses a security deed
** Custom dictates which document is used
Mortgage States
Alabama
Louisiana
North Dakota
Arkansas
Maine
Ohio
Connecticut
Massachusetts
Oregon
Delaware
Michigan
Pennsylvania
Florida
Minnesota
Rhode Island
Hawaii
New Hampshire
South Carolina
Indiana
New Jersey
Vermont
Kansas
New Mexico
Wisconsin
Kentucky
New York
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Written by Administrator
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Sunday, 07 June 2009 |
 Formulating the way your assets are distributed to your relations is something that you really are advised to do while you’re living and healthy; not something to only start thinking about when you are about to kick the bucket. One of the things you can do is formulate your estate planning, or the way your wealth is distributed to your loved ones - via trusts.
With the economic crisis affecting almost every corner of the globe, the increased uncertainty and risk of litigation in a challenging economic climate should be compelling enough for the financially healthy person to make use of existing asset protection strategies under his/her State’s law by appointing existing professional trustee companies that are licensed, audited, and regulated for this purpose.
In formulating your estate planning, there are many things to get acquainted with. Some of these are probates, irrevocable and revocable trust deeds, which you should get acquainted with beforehand. Irrevocable trusts differ from revocable trusts only in the sense that revocable trusts can be amended by the person who created it, while irrevocable trusts (mostly) cannot be amended once they are drafted.
Revocable trusts are obviously more popular than irrevocable because the assets do not go through probate when the grantor passes away, but are transferred directly to the beneficiaries. The important thing is to draft a clause at the very start that makes it clear that amendments are permitted by the grantor at any time and have it notarized and named in a codicil to your will. In cases where you jointly own property with another party in a survivorship interest, you should consult your lawyer in detail, because this has other legal implications.
A word on probates: A probate is defined as the official proof that your will is legal and valid and this can only be done in a special court that handles these matters, called the probate court. If you already have a will, you can appoint the trustee who will manage your estate. But if you pass on without appointing a trustee, the probate court picks one.
Trust deeds are able to bypass a probate because the titles of your assets are transferred to your trust deeds while you’re alive. The probate court has no jurisdiction over your assets in your trust deeds, and upon your passing, all your property and accompanying instructions are available immediately, without the need for any probate court intervention.
NB: Check the laws of your state or country. Some states (or countries) have different laws regarding probates. In some states you can avoid a probate by having the trust deed filled and notarized (but not filed) until you are departed; in other states, this will not work.
Revocable trust deeds provide you the ability to avoid a probate, and provide instructions on how to disburse your assets to your beneficiaries in the way you deem fit.
Talk to your lawyer on the various deed options available to you. For example, one of the relatively new deed types is the Transfer on Death deed, which allows easy property transfer from the decedent to the beneficiary upon death. This deed type has been legalized for Arizona, Arkansas, Colorado, Kansas, Missouri, Minnesota, Montana, Nevada, New Mexico, Ohio, Oklahoma, and Wisconsin. |
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