California Trustees: Take These Seven Steps for Handling Real Estate

In many California trust administration scenarios, a house is one of the largest assets held by the trust. Real estate held in trust prior to the decedent’s passing may avoid the need for court intervention and the opening of a probate administration in order to deal with the property. There are still several responsibilities that a trustee must be aware of when dealing with real estate held in the trust, however. If you have been appointed successor trustee of a trust in Anaheim and the trust is the holder of real estate, consider taking the following actions:

  • Contact an experienced Anaheim trust lawyer for guidance. Taking action as successor trustee without proper understanding of the laws could expose you to potential liability.
  • Provide notice beneficiaries of the trust and heirs of the decedent.
  • File a Change in Ownership Statement, Death of Real Property Owner in the county where the real estate is located.
  • File an Affidavit of Death of Trustee with the county recorder.
  • Obtain a federal tax identification number for the trust.
  • Ensure that property insurance is maintained on the property.
  • Ensure that the expenses of the property, including mortgage bills, tax bills, and necessary utilities, are properly paid for.

Real estate is one type of trust asset that comes with its own unique tasks and responsibilities. This asset may also be of substantial financial value, making it all the more important for the trustee to properly maintain it.

For a better understanding about revocable trusts, view our free DVD, Understanding the Revocable Living Trust – In Language That Anyone Can Understand in 8 Minutes. Our office of experienced Anaheim trust attorneys can guide you through the process of administering a California trust that holds real estate to ensure that you are shielded from liability and the asset is properly protected. Call our office 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