Partners, and spouses, can lose title insurance if they transfer title out of their names or the entity in which they took title without first obtaining the proper title insurance Endorsement. The most common endorsement is called a Residence Held in Trust Endorsement (HO 05 43) If the transferor signs a grant deed, he is
Revocable Transfer-On-Death Deeds (aka Lady Bird Deed) New Since 2016! (Probate Code §5642)
This provides a simple way to transfer California real estate at death without having to go through California probate. (Probate Code §5600, et seq.) The way to look at this is it is a “Transfer-On-Death Deed ” NOT a transfer during life deed. It only applies to residential properties and must be promptly recorded after it is notarized. This document is exempt from documentary transfer tax under Rev. & Tax. Code §11930. This document is exempt from preliminary change of ownership report under Rev. & Tax. Code §480.3.
For the specific requirements and a sample, click here: …
Continue Reading Revocable Transfer-On-Death Deeds (aka Lady Bird Deed) New Since 2016! (Probate Code §5642)
Attorneys Fees awarded against beneficiaries after challenging a trust distribution comes out of their share of the inheritance
Beneficiaries of a trust lost a challenge to the sale of trust property by the trustee. The trial court ordered them to pay the trust’s attorney fees and costs, making the beneficiaries personally liable. The Court of Appeal affirmed the award of attorney fees, but reversed the order insofar as it made the beneficiaries personally…
A Verbal Trust is Valid Nor must Trust be Notarized to be Valid!
The world of trusts is quite unique. Trusts not only can be formed verbally, but notarization is not required. Probate Code §§ 15200, 15206 and 15207 are silent as to requiring a notarization, therefore, no notarization required! A trust is essentially a contract. But for real property, it must be in writing. Probate Code §15206