Normally, there would be a deed from the trust. There might be two deeds in your case, one from the trust to all of the beneficiaries, and then a deed from the two selling beneficiaries to the other two, in exchange for a payment. You would also have property tax forms to complete. The insurance would be transferred to the incoming owners. If this were in Michigan, it would probably cost you $300-400 to get the paperwork in place. Your mileage may vary by you, but this is definitely something to be handled through an attorney.
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Assuming the property is located in California, the two siblings who want to buy out the other two siblings should arrange that buy-out before the house is transferred out of Trust by trust transfer deed to the two siblings who want to continue to own the property. Then the transfer would be eligible for the Parent-Child exclusion, which will avoid reassessment of the property and imposition of transfer taxes. The buy-out could be in the form of an unequal distribution of the trust estate, a promissory note, or a trustee loan, provided the trust has the proper provisions. If the house is transferred from the trust to all four siblings and two selling siblings subsequently sell their interests to the two remaining siblings, 50% of the property will be reassessed, and a transfer tax will be assessed against each transfer. Consult with a knowledgeable attorney about the structure of this transaction.Ask a similar question
It is very important that you consult legal counsel. Your attorney will prepare a deed along with a preliminary change of ownership report and a claim to exclude the property from being reassessed. As mentioned above, it is critical that the transaction be structured properly to avoid having the property reassessed for property tax purposes.
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