As homeowners know, a deed is the document that shows ownership of a piece of real property. Putting that piece of property into a living trust offers several advantages, primarily centered around avoiding a long probate process and maintaining control over your assets.

There are two types of trusts – revocable or irrevocable. Revocable trusts typically may be changed, whereas irrevocable trusts typically require significant intervention and approval to change - so it’s wise to have a legal consultant to help you decide which type of trust to choose.

You and any other current owners of the property who are transferring the property into the trust need to sign the deed in front of a notary public, who will stamp it with their seal.

Depending on state requirements, you or your attorney can then prepare a new deed that reflects the transfer of the property into the trust. This is usually a grant deed or a quitclaim deed, depending upon your state.

The final step of transferring real estate into your trust is to record the deed with the local office that keeps property records. (It may be the recorder's office, county clerk’s office, land records office, or something similar.) If you don't file the deed, then there will be no official record of the transfer, and the transfer may be invalid depending on state requirements.

If you have a mortgage on the property, you should let the loan servicer know so they can change the paperwork to reflect the trust’s name.

You will also need to contact the insurance companies, such as your homeowner’s insurance, to update the policies. Finally, consult your title agent or underwriter to ensure your title insurance policy will not be affected by this potential change in ownership.