Irvine, CA (PRWEB) February 28, 2012
Real estate property held in trust by a person who has died can be transferred as directed in the trust without going through probate. The transfer often requires two documents; an affidavit death of trustee and a quit claim deed. The quit claim deed is from the trust to the beneficiaries of the trust.
Affidavit Death of Trustee
This document is a declaration, under oath, by the successor trustee. The successor trustee declares the owner has died and attaches a certified copy of the death certificate. The successor trustee further declares he or she is authorized to take control of the real estate property according to the terms of the trust.
The affidavit is filed with the county recorder. It is now of public record the successor trustee has the authority to take control. Control is limited to what is directed by the trust. Typically, the trust directs the successor trustee to distribute the real estate property to specified persons.
Quit Claim Deed
The second step is preparing a quit claim deed from the trust to the beneficiaries of the trust or entering into a listing agreement for the sale of the real property. If sold, the proceeds from the sale of the real property are distributed to the persons identified in the trust and quit claim deed is not needed.
A quit claim deed does not contain any implied warranties. The successor trustee who “quit claims” real estate simple conveys whatever ownership interest the trust has along with any debt or loans secured by the property. The successor trustee makes no promises and the property is taken “as is.” A quit claim is the easiest and cheapest way to transfer ownership out of a trust.
For more information - http://deedandrecord.com/trust_transfers/after_death_trust_transfers
call 949-474-0961 or go to http://www.deedandrecord.com
Trust Administration on Death of First Spouse: Funding of Bypass Trust and Survivor’s Trust
Often a trust directs on the death of the first spouse the trust is to be divided into two separate trusts, a bypass trust and a survivor’s trust. The purpose of the two trusts is to preserve the deceased spouse’s exemption from the estate tax. The estate tax is often referred to as the death tax.
Deed and Record prepares the affidavit death of first spouse and the quit claim transfer deed; prepares and files required transfer tax exemptions and records the affidavit and deed with the proper government authority.
The affidavit of death is a declaration, under oath, by the surviving spouse. The surviving spouse declares the other spouse has died and attaches a certified copy of the death certificate. The surviving spouse further declares he or she is authorized to take control of the real estate property according to the terms of the trust.
The affidavit is filed with the county recorder. It is now of public record the surviving spouse has full and sole authority to take control of the real estate property.
The second step it to prepare and record a quit claim deed to fund the Bypass Trust and Survivor’s Trust. This step requires a division of all assets owned by husband and wife. A review of the trust document, notification to heirs of the creation of the Bypass trust and division of assets is required. The services of an attorney are required at this stage.
To consult with an estate administration attorney call Mark W. Bidwell at 949-474-0961. For more information please go to http://www.BidwellLaw.com