If the first person named in a Trust does not complete process for legally transfering the property left to them, what can be done?
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If the first person named in a Trust does not complete process for legally transfering the property left to them, what can be done?
Asked on March 1, 2014 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
When an owner of real property passes away and the property is going to be transferred to the heirs through probate, a Change in Ownership Statement (COS) – Death of Real Property Owner form must be filed with the Assessor-Recorder's Office by the personal representative prior to or at the time the inventory and appraisal is filed.
In all other cases in which an interest in real property is transferred by reason of death, including a transfer through the medium of a trust, the COS must be filed by the trustee (if the property was held in trust) or the transferee within 150 days after the date of death.
Failure to file a COS within the time prescribed by law may result in a penalty. Certain death transfer is eligible for reassessment exclusion, meaning property owners may be able to avoid property tax increases when acquiring property from their parents, children or grandparents.
The claim for reassessment exclusion must be filed timely; failure to file the appropriate form can result in a reassessment. To qualify for the exclusion, certain eligibility requirements will apply.
Answer: The transfer to complete the process will then need to be done by a third party.
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