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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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Non related question. Prior do death of my aunts husband they

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Non related question. Prior do death of my aunts husband they have formed a living trust with my Aunt being executor of the trust. She lives in California. The home (mortgaged) is in the name of her deceased husband and her. She is ready to pay off the loan (cash payment) But does not want the home to remain in Living trust. What should she do... Sale or just quit claim from living trust ? her concern is that if she is not executor the former husband family is named as a next executor. ?
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.
Hi! My name is XXXXX XXXXX I look forward to helping you!

Can you elaborate a bit for me? When you say the home is in the name of your aunt and her deceased husband...do you mean title was never actually transferred to the living trust? Thanks.


Customer: replied 1 year ago.

She is not 100% sure. What I have is the document that talks about it but I am not sure the title in the records clerk reflects the trust. Mortgage is still in the name of deceased husband. But it is possible that the title I have is old and it was put in trust. If you don't mind running both scenarios ?


 


I am almost certain that house is in trust but again she is old and two answers may just be it.

Expert:  Richard replied 1 year ago.
Thanks for your reply. You can ask a title company to check the chain of title for the property for a very nominal fee and the title company will tell you the status of the current title. If the title never got transferred to the living trust, then the living trust has no applicability. In that event, if the title is held by them both as joint tenants with right of survivorship, then title automatically vested in her by her husband's death as the survivor. In this case, she needs to file an Affidavit of Death of Joint Tenant in the real property records of the city/county in which the property is located to evidence the death of her husband. If the title is held in their names as tenants in common, their names are XXXXX XXXXX on the deed, or the title is in the name of her husband alone, then the executor of his estate, presumably your aunt, needs to sign a quit claim deed transferring the husband's interest to her. as the executor of his estate. This deed would need to be witnessed, notarized and then recorded in the real property records of the city/county in which the property is located. If the property is in the living trust, then she would also transfer the property by quit claim deed...but would sign as the trustee, rather than executor. If you need a form for either the Affidavit or Quit Claim Deed let me know and I'll be happy to provide templates for you.



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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46880
Experience: 29 years of experience as a tax, real estate, and business attorney.
Richard and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.

One last question: Transfer and PayOff after transfer. or PayOff and Transfer ? Or does it matter ?

Expert:  Richard replied 1 year ago.
It really makes no difference. She just wants to make sure they sign a Release of Lien. But, it's actually easier if she pays it off first so she doesn't have to provide them the requisite notices of the transfer.
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46880
Experience: 29 years of experience as a tax, real estate, and business attorney.
Richard and 2 other Tax Specialists are ready to help you
Expert:  Richard replied 1 year ago.
And thanks again for the rating and bonus! I really appreciate both! Have a great weekend!

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Richard
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