Mark W. Bidwell

California real property transfers

Trusts

Successor Trustee’s Duty and Personal Liability to Keep Beneficiaries of a Trust

After Settlor’s death the successor trustee has the duty to keep heirs of the the trust reasonably informed of the trust and its administration. This duty is met with notice and account. The first notice is mandatory under California law and is referred to as “notification by trustee.” Notification by the successor trustee must be […]

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Options for the Post Death Transfer of California Real Property

Post death transfer of real property is by either planning ahead or letting the laws of California take their course. Examples of planning are; trusts, joint ownership, life time transfers and transfer on death deeds. No planning relies on the laws of intestacy and probate administration. Intestacy law identifies who is the next of kin. […]

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How to Avoid Probate of California Real Property After Death of Spouse

Real property in California jointly owned by a married couple is most often titled with the right of survivorship. On the death of one spouse, the survivor is the sole owner. Tip Sheet by Deed and Record explains what to do after the death of the first spouse and how to avoid probate on the […]

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Lifetime transfers compared to post death transfers of real property

In anticipation of death an owner of California real property can either gift while living the property or plan by Will or trust for the transfer to occur after death. In California property taxes are assessed at about one percent of the purchase price of the real property plus nominal annual increases. This is the […]

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California Real Property Ownership Change from Deceased Parent to Child

This post explains how a child obtains ownership of a parent’s real property after his or her parent has died. This post also explains how a child can reduce property tax and reduce capital gains tax.

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Funding a trust with an “850 Petition” in Probate Court

Post death funding of trust with a petition in probate court

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Funding trust post death “Heggstad Petition” in Probate Court

File a petition in probate court for post-death transfer of assets into a trust

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Settlor, trustee and beneficiary

The Actors A person owns an asset. The owner acquired the asset, controls the asset and benefits from the asset. A trust is a written document creating three separate actors for the asset. Creator – The owner of the asset creates the trust is known as the settlor or trustor Trustee – The trustee is […]

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AB, Exemption, Credit Shelter and Bypass Trusts

AB, Exemption, Credit Shelter and Bypass Trusts A hybrid trust is the AB Trust, also known as the credit shelter,bypass  and exemption trusts. This trust is created by a married couple and is revocable. Upon the death of the first spouse, the assets of the first spouse are placed into an irrevocable trust. The purpose of […]

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Irrevocable Trusts Compared to Revocable Trusts

Irrevocable trusts compared to revocable trusts

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