Transfer-on-death trust triggers reassessment?

Asked almost 2 years ago - Oakland, CA

I am single and own a home. I'd like to transfer my home to a trust that would vest title in my successor beneficiary outside of probate. I'd be the sole beneficiary during my lifetime. Would transfer to such a trust trigger a property-tax reassessment? Would transfer to the successor beneficiary trigger a reassessment?

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  1. 11

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    Answered . I would advise against trying to do your estate plan on your own. This is a simple issue that the estate planner would be able to assist you with. There are many other issues that you should consider from assets to health decisions while you are living that a qualified planner can walk you through.

    That said, the simple answer is no. The transfer to a revocable trust in which you are the Settlor and Trustee will not trigger reassessment. The deed needs to be prepare correctly and you will need to submit as PCOR when recording the deed.

    The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
  2. 11

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    Answered . There are a number of exclusions from reassessment, and transferring to a revocable trust in which you are the beneficiary is one of the exceptions. The deed will need to refer to the proper exclusion, and as noted, you will need to file a PCOR.

    Any good estate planning attorney should be preparing a trust transfer deed for you as part of the package. After all, a trust does nothing if its not properly funded!

    The information above should not be considered legal advice and does not create an attorney-client relationship.
  3. 10

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    Answered . Typically no since beneficial title remains in you.

  4. 8

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    Answered . Transfer to a revocable living trust of your own home in California where you are the beneficiary of the home will not trigger a property tax reassessment. Transfer to your successor beneficiary WILL trigger a reassessment unless your ultimate beneficiary fits into one or more specific exclusions from reassessment.

    You should have an estate planning attorney such as myself assist you with the proper planning, especially in reference to real estate transfers. I am down in San Jose.

    Please remember to mark what you believe to be the best answer to your question. This answer is provided by... more
  5. 8

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    Answered . Your previous counsel had advised you that your conveyance of your home into a trust with a successor beneficiary other than yourself after your demise would not trigger a tax reassessment. To take the analysis one step further, upon your demise unless the alternate successor beneficiary was a child or grandchild then there would be a reassessment of the property at that point and time.

    If you have found this information helpful, please let the attorney know by marking best answer. Thank you.... more
  6. 4

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    Answered . So long as the trust is for your sole benefit during your lifetime, then the initial transfer should not trigger a property tax reassessment. However, the transfer to another beneficiary at the time of your death will trigger a property tax reassessment unless a parent-child or grandparent-grandchild exemption is available.

Related Topics

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

Estate planning

Estate planning refers to the process in which you decide and document what happens to your assets after you die, by making things like wills or trusts.

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