How do I change the ownership of a condo that my sisters and I inherited through a trust so that we can sell it?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How do I change the ownership of a condo that my sisters and I inherited through a trust so that we can sell it?
My father died 6 months ago. He had a living trust and named my two sisters and I as trustees. One of my sisters is administering the trust.He owned a condo and it was his primary residence. The Quitclaim Deed is in the name of the trust, as it was before our mother died. (i.e., it’s written: John Doe and Jane Doe, Co-Trustees, the John and Jane Doe Trust dated xx/xx/xxxx; after our mother died, the trust was renamed to my dad’s name but the Deed was not changed).We are currently renting the condo to a relative and we think we might want to sell it next year. We have done nothing to change the ownership, so our question is:- Should we change the deed over to our names?- If so, when should it be done?- How do we go about doing it?As far as I know, the only implication this has had is that we have not been able to vote in the Homeowner Association elections.
Asked on March 12, 2009 under Estate Planning, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Why would you need to change the ownership? The trust owns it. So, the trust can sell it. What you should do is speak to an estate planning attorney about getting the most bang for the sale. He/she may tell you (due to market conditions) to hold onto to it, use the monies to collect interest in the trust, and then when the market goes up, sell it.
Try calbar.ca.gov to look for an attorney in California, or attorneypages.com or a local bar association in the county where the property is located.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.