When real estate is held in trust, a Change of Ownership Death of Real Property Owner statement must be filed when the grantor or settlor passes away. The “change in ownership” occurs in a revocable trust on the date of his or her death. The responsibility for the filing of this form lies with the trustee of the trust. If you are a trustee of a California trust that held real estate, contact an experienced Anaheim trust lawyer right away for guidance.

The following is an overview of the Change of Ownership form:

  • File the form with the county recorder where the property is located.
  • File the form within 150 days of the date of death.
  • By filing the form, the successor trustee avoids any potential personal liability for property tax increases.
  • The form puts the county on notice of the change of ownership in real property that results from the death of the decedent.
  • The tax base for the property is adjusted to its market value at the date of death.
  • If the trustee fails to file the form within 90 days after a written request is sent, it may result in a penalty.
  • Include a copy of the decedent’s death certificate with the filing.

Serving as the trustee of an Anaheim trust comes with many responsibilities. Failing to fulfill your obligations as trustee could result in harm to the trust assets as well as potential personal liability. Our office of experienced Anaheim trust attorneys can help ensure that you fulfill all of your duties as trustee, including those associated with real estate. Contact us today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
Be the first to comment!
Post a Comment