Have you recently found yourself as the heir (or “Successor Trustee”) responsible for dealing with the estate, including selling the home of a loved one who has passed away?

 

Carrying this responsibility can be downright brutal. On top of that, you are supposed to deal with one of the most complicated financial transactions in life likely while you are still grieving?  

These 5 steps can help you with selling a home in a living trust here in Southern California be faster and easier, so you can focus on what really matters.  Grieving the loss of a loved one is accompanied with extreme emotion, and having to navigate the sale of their estate is one of the last things you really want to add to your weight of overwhelm.

“Make no mistake about it, this is a business decision. Whatever decisions you make today will affect your future, and anyone else associated with the estate. How you ultimately decide to sell a living trust property is directly related to the decisions you make while you are going through this difficult process.”

The trust sale can often become an instrumental financial pawn and source of strife that can ultimately lead to financial ruin, particularly in the case of a contentious Successor Trustee when shared among family members.

The decision to sell ones home as a trust sale usually occurs as a result of one of the two parties involved not having the means to afford it. The the cost of divorce can be utterly absurd, and the dual income that went to support the marital household has now divided between two.

Expense isn’t limited to lawyers’ fees. One spouse must purchase new furniture, incur rent or a new mortgage, cost of covering utilities, health insurance, and so on.  An unfortunate scenario, but one we find ourselves in often, is having to help homeowners sell their home while going through a divorce.

Our best advice for anyone finding themselves deciding to sell their home during a divorce is to empower them by providing access to information that provide them with opportunity to come out of this financially stable and ready to begin their new chapter in life.

Read on to find out what options are available for divorcing homeowners to help determine which route is the best for your individual situation.

Tips For Deciding On What To Do With Your Home When Going Through A Divorce

Typically when selling a home during a divorce there are a handful of different options that a divorcing couple can decide on.  It’s important to think about all the options that are available and to select the best option. Below are three of the most common options to decide from when selling a home during a divorce.

 

This can be an incredibly Under normal circumstances, the Successor Trustee has full authority to list the property for sale, and sign a new Grant Deed to transfer title to a new buyer.It has become an increasing trend to encounter living trusts holding real estate property here in Southern California. We have encountered a spike in clients utilizing the attorney-broker services of Wm Soto and Associates Real Estate Consultants & ALLANS NAME HERE to sell property inherited through a living trust.

A living trust is created during the lifetime of the trustor (or grantor) with specified beneficiaries who receive the trust property upon the death of the trustor, or as otherwise specified in the trust agreement.

Living trusts are helpful for avoiding the time and expense of probate and simplifying the process for the heirs following the death of the trustor.

In the context of a home or other property, generally, following the death of the trustor (usually the original owner of the real property), the trust document names a successor trustee or co-trustee to manage and administer the estate and sell the property in accordance with the trust agreement. The successor trustee has several duties and responsibilities in the timely sale of the trust real property, the most common of which are summarized below:

TRUST LISTING AGREEMENT:
When the property is ready to be placed on the market, the successor trustee, acting as the seller in the capacity of trustee of the trust, will execute a trust listing agreement with a real estate broker for the sale of the property.

REDUCED DISCLOSURES:
The seller/successor trustee of a living trust is exempt from many of the common disclosure requirements and in particular, the Transfer Disclosure Statement, Natural Hazard Disclosure Statement, statement of compliance regarding operable smoke detectors, and provision of the earthquake safety guide. However, the seller/successor trustee of a living trust is not exempt from disclosure of material facts, natural hazard zones, lead-based paint, water heater compliance, and carbon monoxide detector installation in the home, Megan’s Law Database Disclosure, and tax withholding.

AFFIDAVIT OF DEATH OF TRUSTEE AND APPOINTMENT OF SUCCESSOR TRUSTEE:
Before the close of escrow, the successor trustee will be required to complete, execute, and have notarized an Affidavit of Death of Trustee and Appointment of Successor Trustee. The Affidavit states that the original trustor died on a specific date and that the trust agreement named the successor trustee as successor trustee. A certified copy of the original trustor’s Certificate of Death must be attached to the Affidavit.

These are only a few of the legal requirements and features of selling California real property through a living trust after the death of the original trustor. If you have any questions regarding living trusts or the sale of your real property through an attorney-broker, please contact Esquire Real Estate.

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Going through a divorce can be downright brutal. On top of that, you are supposed to deal with one of the most complicated financial transactions in life?  These 5 steps you can help you to sell your home faster and easier, so you can move on.  Going through a divorce is accompanied with extreme emotion, and having to navigate the sale of your house is one of the last things you really want to add to your weight of overwhelm.

Make no mistake about it, this is a business decision. Whatever decisions you make today will affect your future. How you ultimately rebound from your divorce is directly related to the decisions you make while you are going through it.

The home can often become an instrumental financial pawn and source of strife that can ultimately lead to financial ruin, particularly in the case of a contentious divorce.

The decision to sell ones home during a divorce  usually occurs as a result of one of the two parties involved not having the means to afford it. The the cost of divorce can be utterly absurd, and the dual income that went to support the marital household has now divided between two.

Expense isn’t limited to lawyers’ fees. One spouse must purchase new furniture, incur rent or a new mortgage, cost of covering utilities, health insurance, and so on.  An unfortunate scenario, but one we find ourselves in often, is having to help homeowners sell their home while going through a divorce.

Our best advice for anyone finding themselves deciding to sell their home during a divorce is to empower them by providing access to information that provide them with opportunity to come out of this financially stable and ready to begin their new chapter in life.

Read on to find out what options are available for divorcing homeowners to help determine which route is the best for your individual situation.

Tips For Deciding On What To Do With Your Home When Going Through A Divorce

Typically when selling a home during a divorce there are a handful of different options that a divorcing couple can decide on.  It’s important to think about all the options that are available and to select the best option. Below are three of the most common options to decide from when selling a home during a divorce.

 

***If you are a trustee contemplating the sale of real property, Soto and Associates Real Estate Consultants has decades of experience representing sellers of real estate through trust, probate and conservator ship – often working closely with ALLAN SOTO. We work closely with your attorney and financial advisers to assure that you understand the sale process and the implication of your decisions along the way. Please review our pages on trust sales and contact us for additional information.

 

WHAT WE DO

 

  • Counsel prospective buyers on the offer process and all aspects of the real property transaction.
  • Place property on market.
  • Assist with inventory of real property
  • Prepare property profile within two business days.
  • Prepare Market Value Analysis.
  • Provide detailed information on all comparable sales in the area.
  • Maintain frequent communication throughout transaction.
  • Market property to real estate professionals and potential buyers.
  • Handle offer process and all subsequent paperwork.
  • Complete reports accurately, quickly and efficiently.
  • Streamline communication between all parties.
  • Introduce or refer qualified specialists within and outside the local marketplace as appropriate.
  • Anticipate and solve problems before they cause delays.
  • Market property aggressively even after the initial offer has been accepted.
  • Open escrow and track progress.
  • Close escrow.

Why The Soto Brothers’ Team?

  • California Real Estate license since 1980.
  • Respected leader within the industry.
  • Member Los Angeles Association of Realtors.
  • Member Southland Regional Association of Realtors.
  • Over 30 years experience with court-ordered real property sales.
  • Represent 50-60 real property sales through probate each year.
  • Familiar with requirements of Probate Code to expedite your sale.
  • Knowledgeable and comfortable with court proceedings.
  • Straightforward, non-technical communication with families, attorneys, accountants, trustees, conservators and court personnel.