Third, and regardless to whether the trustee plans to hold or sell the trust real property or distribute it to the trust beneficiaries, an appraisal of the real property must be done which gives the value of the real property at the date of the death of the settlor(s). Once recorded in the real property records, this will put everyone on notice that there has been a change in trustee regarding that real property. The Affidavit declares and affirms the original trustee of the trust (usually the settlor(s)) is now deceased, thus transferring the trusteeship, the power over the trust - including the power over the real property held in trust - to the designated surviving trustee. Second, the trustee must record an Affidavit of Death of a Trustee (the “Affidavit”), along with preparing a preliminary change of ownership form, in real property records for the County where the real property is located. This will ensure that the property was properly transferred over the years and that the real property was properly funded or transferred into the trust. However, upon the death of the settlor(s), there are some necessary steps a successor trustee (defined as the person who is named next in line to act as trustee of the trust) must do prior to holding, selling, or distributing any real property held in the trust after the death of the settlor(s).įirst, a chain of title search should be done on each and every parcel of real property held in the trust. Real property that was properly funded into a trust prior to the death of the settlor(s) (defined as the person(s) who created the trust) does not need to be probated in California.
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