HOW TO TRANSFER TITLE OF THE HOME OF A MARRIED COUPLE
TO THEIR REVOCABLE LIVING TRUST AND RELATED ISSUES
YOUTUBE VIDEO (2020)
By Michael J. Young, Attorney at Law, Estate Planning Attorney, Probate Attorney in Walnut Creek, CA.
WALNUT CREEK ELDER LAW. We are going to talk about how a married couple should transfer title to their home to their revocable living trust, and related issues. I will do a separate video for a single person. Estate Planning.
The revocable living trust is the center piece of most modern estate plans in California. Revocable living trusts avoid probate, and allow the family members and loved ones to control the trust assets both before and after the makers of the trust (settlors) pass away.
Our example of Mary Doe and Bob Doe, husband and wife, have three children, Lisa, Frank and Jack. Lisa is the named successor trustee after Mary and Bob.
Mary and Bob, the makers of the trust, also known as the “settlors” first create the Mary Doe and Bob Doe Revocable Trust.
We then create a deed to transfer title of their home to the revocable living trust. There are Recitals on the deed confirming that the transfer is without consideration and excludable from reassessment. We also have a recital to avoid another recorder’s fee because we are transferring the property to the residential dwelling of the transferor.
We confirm the title as community property, and create two deeds if the title was held as joint tenants. The first deed is from Bob and Mary as joint tenants to Bob and Mary as community property. The second deed is from Bob and Mary as community property to Bob and Mary as Trustees under their revocable living trust.
The Preliminary Change of Ownership Report is sent with the deed to the county Recorder and Assessor. We ask the recorder to return a conformed copy to our office, and the original deed is sent to the clients from the recorder some weeks later. The information in the deed and the preliminary change of ownership report are shared by the county recorder and assessor.
A Declaration of Intent To Remain Home is prepared for both Bob and Mary for Medi-Cal Asset Protection purposes.
Medi-Cal asset protection provisions are included in the revocable living trust and financial durable powers of attorney.
Please do not take this information as legal advice.
Michael J. Young
Attorney at Law
www.WalnutCreekElderLaw.com
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925-256-0298

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