A Living Trust Is A Good Idea
Selling Oakland Real Estate
When there is a death in the family, a properly planned estate can help avoid a lot of the issues and headaches involved with transferring or selling the property of the deceased person. When it comes to real estate, perhaps the most important document that you want to have is called a Living Trust.
A Living Trust is a document which specifies without question who the property is to be passed to in the event that the current owner passes away. With a Living Trust, there is a Trustor, a Trustee and Beneficiaries. The Trustor is the owner of the property when the document is created, the Trustee is the person who is responsible for making sure the elements af the trust are adhered to, and the beneficiaries are the individual(s) who is to receive the property and remaining assets. This is a legal document prepared by a lawyer and notorized, therefore it carries much more legal weight than a simple will, and allows the beneficiary to transfer title to the property.
The bottom line is, even if someone who passes away has a will, that is not enough to allow hier(s) to acquire title to the property. If there is no Living Trust in place, a Probate Attorney must be retained and a court date will be set to have the court interperet the will and make a decision about who the property is to be released to. This is what's known as a 'Probate Sale" and these sales are harder to do and take longer to complete than a normal sale. Having a living trust in place will prevent the need to have a probate sale, and make things much easier on all parties involved.
Date: Monday, February, 11th 2008 @ 05:58:06 PMViews: 187
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