Huntington Beach, CA (PRWEB)
September 14, 2017
Tip Sheet by Deed and Record explains how to transfer real property located in California from a parents’ trust to the parents’ children. In a standard trust, the trustee directs the successor trustee to distribute the deceased parents’ assets to the parents’ children. Two documents are needed to distribute California real estate, an affidavit of death of trustee and a deed.
An affidavit death of trustee is a declaration in writing made under oath, by the successor trustee. The successor trustee declares the owners of the real property have died. The successor trustee also declares he or she is authorized to take control of the real estate property according to the terms of the parents’ trust. Attached to the affidavit are certified copies of the death certificates of the parents.
The affidavit is filed with the county recorder. It is now of public record the successor trustee has the authority to take control of the real property. Control is limited to what is directed by the trust. Typically, a trust created by parents directs the successor trustee to distribute the deceased parents’ real property to the parents’ children.
The second document needed is a quit claim deed to transfer ownership of the real property out of the trust to the parents’ children. Or if the real property is to be sold before distribution a warranty deed is needed to transfer ownership from the trust to the buyer of the real property. In either case the deed is signed by the successor trustee.
Real property transfers to a child of a deceased parent qualify for Proposition 13’s parent-to-child property tax exclusion. The…