Legal Question in Wills and Trusts in California
my father passed away 3 years ago and my parents home and bank accounts are setup in a trust between the two of them, but the have another piece of land, worth about $5,000, and it is deed to both my parents, how can we get the deed just in my mom's name so she can give it to some of her children?
3 Answers from Attorneys
affidavit of death of joint tenant
Mr. Cusack's answer is correct only if the title to the property is held as joint tenants. If not, you have to go through probate. You should also consult with an estate planning attorney before she gives the property to anyone. Giving property to your children while you are still alive almost always has very negative tax consequences, including subjecting the parent to possible gift tax liability, and giving the children a very bad capital gains situation compared with giving it to them by trust or will when you die.
It depends on whether title was in joint tenancy or in the trust. If the property is held in trust, the terms of the trust govern disposition of the property.
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