Legal Question in Real Estate Law in California

Re: changing title on inherited home

Your personal situation is favorable on all accounts as far as I can tell. You should be able to avoid property tax reassessment and you'll get a stepped-up basis in the inherited property so if you sell it your capital gains will be low to nil.

Due to the possibility that there are complicating factors such as probate assets that weren't in the trust, spending a few hundred dollars for a brief consultation with a trusts-and-estates lawyer, perhaps the same one that drew up your grandparents' trust, would be a worthwhile investment in peace of mind. On the other hand, using a title company to assist you in drawing up documents (and probably selling you a policy of title insurance in your name as part of the deal) would be a good idea. Various counties have different paperwork requirements to obtain the benefit of the exemption from reassessment, and as I remember LA County is a stickler for detail, so help with asserting your right not to be reappraised and reassessed would be a service your friently local title company could be called upon to provide.

Re: changing title on inherited home

Your personal situation is favorable on all accounts as far as I can tell. You should be able to avoid property tax reassessment and you'll get a stepped-up basis in the inherited property so if you sell it your capital gains will be low to nil.

Due to the possibility that there are complicating factors such as probate assets that weren't in the trust, spending a few hundred dollars for a brief consultation with a trusts-and-estates lawyer, perhaps the same one that drew up your grandparents' trust, would be a worthwhile investment in peace of mind. On the other hand, using a title company to assist you in drawing up documents (and probably selling you a policy of title insurance in your name as part of the deal) would be a good idea. Various counties have different paperwork requirements to obtain the benefit of the exemption from reassessment, and as I remember LA County is a stickler for detail, so help with asserting your right not to be reappraised and reassessed would be a service your friently local title company could be called upon to provide.

Re: changing title on inherited home

Your personal situation is favorable on all accounts as far as I can tell. You should be able to avoid property tax reassessment and you'll get a stepped-up basis in the inherited property so if you sell it your capital gains will be low to nil.

Due to the possibility that there are complicating factors such as probate assets that weren't in the trust, spending a few hundred dollars for a brief consultation with a trusts-and-estates lawyer, perhaps the same one that drew up your grandparents' trust, would be a worthwhile investment in peace of mind. On the other hand, using a title company to assist you in drawing up documents (and probably selling you a policy of title insurance in your name as part of the deal) would be a good idea. Various counties have different paperwork requirements to obtain the benefit of the exemption from reassessment, and as I remember LA County is a stickler for detail, so help with asserting your right not to be reappraised and reassessed would be a service your friently local title company could be called upon to provide.