Page 2 - Allisons Newsletter, Lakewood Edge - Nov 2018 Issue

REAL ESTATE PLACED IN A TRUST?

REAL ESTATE
Buying, Selling, or Transferring Property Into or from a Trust

by Jane Whitten have a revocable trust. They can explain all the
benefits and procedures for how you may transfer
California trust is a great way to make the property directly from the trust to the buyer.
sure your real estate passes to your heirs The more popular way is to transfer the property
A hassle-free. A trust offers a tremendous out of the trust to the owner as an individual. The
amount of protection not available with any other owner would then sell the property as if no trust
estate planning device. exists. All this information should come from and
The main reason for putting property in a trust be verified by your attorney.
is so it can pass directly to your heirs without Another often overlooked but important item
going through probate. Real Property held in is to make sure your title insurance is in force and
trust can be controlled even after death! It can will remain so after the transfer. Title insurance
even stay in trust until a child reaches a certain age compensates you for losses that result from errors
or until a beneficiary completes a drug treatment and oversights regarding claims to your property,
program, or any of a plethora of conditions, thus such as undiscovered liens, contested boundaries,
insuring your real estate is distributed exactly as or easements. When you sell your property, title
you intend. insurance is canceled. So be careful here, some
Your home is perhaps your most valuable asset, companies might cancel it when you transfer
and it’s natural to be wary of all the negative property into a trust even though that event is not
possibilities when making such a decision. Over technically a sale.
the last 30 years, I have helped several clients Before buying or selling property out of a
through the benefits and can recommend seasoned this would be you! trust, it’s important to hire a real estate agent
attorneys who do the best work in this specialized Here’s where real estate expertise and legal help familiar with trusts. Research your prospective
field. Additionally, it’s reassuring to know that comes in to play. Property taxes are reassessed upon agent to ensure he or she also has comprehensive
California’s laws for this subject are perhaps the a change of ownership but transferring real estate knowledge of the community, is up-to-date on
best in the country. They address resolutions to to a trust can get a bit complex due to the myriad property values, is efficient in handling financing,
all the common fears of transferring your home of possibilities. A real estate agent can suggest filing title work, and closings.
into a variety of trusts very favorably. a Preliminary Change of Ownership Report with This month in Services Beyond Expectation
This work needs to be done by a veteran the County Assessor to avoid a tax assessment at series, I discuss the benefits of setting up a family
trust attorney, but the actual procedures are not the time of property transfer. trust for your real estate. Allison Van Wig of
complicated. Your attorney will prepare a deed Many people don’t know that you can still Van Wig & Associates is available to help, so
and record it. The deed will transfer the property sell your home out of a trust. There are several please call or email anytime and she’ll be glad to
from the owner to the trustee, which almost ways of accomplishing this, and as a good Trust discuss trusts and any other real estate matters or
always is the same person; if it were your trust, Attorney will tell you, it’s easiest to do if you concerns you may have. n
Lakewood Market Update - September 2018

2 Current as of October 5, 2018. All data comes from CRMLS. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.