Legal Question in Wills and Trusts in California
My mother recently passed away and she left a trust of which me, my son, and my daughter are the only equal beneficiaries and the executors. Her home was placed in the trust and therefore my son daughter and I are equal owners and equally responsible and liable in everything related to the home. Since my children are only 21-years-old and 21-years-old they do not have the money to contribute to taxes, insurance, repairs etc.. Therefore, they would like to transfer the ownership from the trust completely over to me.
Our question is what documents do we need to file or predures need to be followed for this to be accomplished? Can we simply file Notorized Quit Claim Deed and Preliminary Change of Ownership forms?
2 Answers from Attorneys
They should probably disclaim their interest in the trust, which I expect means the property simply passes to you. You as the successor trustee would then distribute the trust asset house to yourself or into a trust you create. You also need to file a claim of exemption from property tax reassessment. But why do the kids want to give up their interest?
In addition to what Mr. Greene states above, you should have an attorney review the trust to make sure that a disclaimer would work in this situation and also to determine what can be done based on the other assets in the trust.
Regardless of whether you have an attorney reivew the trust for the disclaimer issue, you should have an attorney or a title officer review the documents transferring title. It is extremely important to make sure that title to the property is properly and legally transferred.
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