QUESTION

How do I resolve a trust that has reached its terms?

Asked on Oct 24th, 2012 on Trusts and Estates - California
More details to this question:
My grandmother left my brother and I an inheritance in the form of a trust until we reached age 30. We are now 34, our sister is the trustee. The only asset still left in it is a home. In order to change or add names on the deed do we have to dissolve the trust and if so how?
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1 ANSWER

Business Transactions Attorney serving Bakersfield, CA
1 Award
Normally the trustee would sign a deed from the trust, by her as trustee, transferring the home to the beneficiaries of the trust.  There are 2 or 3 (depending on the county) other documents normally required by the county assessor's office to be prepared and signed to file with the deed when it gets recorded.  If the facts are right, the home may be protected from reassessment of the taxes up to fair market value on the transfer, for example in certain circumstances the transfer from grandparent to grandchild is excluded from reassessment of the taxes.  The first form, to be filled out and filed with every deed, is the Preliminary Change of Ownership Form and second, if an exclusion applies, a form called the Claim for Reassessment Exclusion from Reassessment for Transfer From Grandparent  to Grandchild.  These forms should be available from the assessor for the county where the real property is located, maybe even its website, although usually any county's form can be used if the correct county is filled in.  All of this is subject to the specific terms of your trust, which of course I haven't read, but normally the trustee would have the beneficiaries sign a receipt for the home after the deed is recorded and there isn't much else to be done to dissolve the trust.
Answered on Nov 19th, 2012 at 12:12 PM

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