Legal Question in Real Estate Law in California
My parents created a revokable Living Trust in 1997 and filed & recorded a Quit Claim Deed transferring their home to the trust. My siblings & I are the heirs of the trust. My parents recently passed away. So, is there anything we need to do with the Quit Claim Deed now or is the property officially in our names and we only need to use the quit fclaim deed when we're ready to sell?
2 Answers from Attorneys
The Successor Trustee named in the Trust needs to retain an attorney and get advice as to what to do now. Usually, an administrative trust is created to deal with all the transactions necessary before there can be a distribution from the Trust to the beneficiaries. If all the assets are in the Trust, including the house (via quit claim) then the outstanding bills can be paid, the final tax return can be done for your parents, all assets can be assembled and all liabilities identified. If not all the assets are in the Trust, then decisions need to be made as to what to do to get them there or otherwise to the beneficiaries. Sometimes a Probate is necessary to get those non-trust assets into the Trust.
If you want to discuss this with me, feel free to contact me at my office (818) 905-0777
I agree with Mr. Rimer. The successor trustee named in the trust instrument needs to seek legal advice and begin administering the trust.
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