Tag: Probate and Trusts

Tips & More

Every Homeowner Should Know About These Four Forms

Lupe Ruiz, REALTOR®/Broker

As a homeowner, you should know about these four forms regarding protection of your primary residence and possible reduction of property taxes.

PROTECTION

1. Home Protection for Seniors, Severely Disabled, Families and Victim’s and of Wildfires or Natural Disasters Act – lf you are 55 or older, you have sold your primary residence, and are occupying your replacement primary residence, you may file form BOE-60-AH, Claim of Person(s) at Least 55 Years of Age for Transfer of Base Year Value to Replacement Dwelling, it gets filed with the County Clerk’s Recorder’s Office where the replacement property is located. More information may be found in the California State Board of Equalization information page.

2. Homestead Declaration – This form serves as a protection on your primary residence in the event certain creditors want to force a sale to satisfy a court judgment. There is a designated amount that protects the property equity. You should seek legal advice to ensure the form is completed properly. The notarized Declaration of Homestead form is filed with the County Clerk Recorder’s Office where the property is located.

PROPERTY TAXES

3. Property Tax Exemption – The State of California allows an exemption of up to $7,000 on the value to assess the tax of your primary residence. The claim form, BOE-266, Claim for Homeowners’ Property Tax Exemption can be provided by the County Assessor’s Office and you file it with the County Clerk Recorder’s Office where the property is located. More information may be found in the California State Board of Equalization Property Tax Exemption page

4. Notice of Supplemental Assessment – The County Assessor of the county where the property is located will assess the property value to determine the tax on the property value. You do not need to file anything for this but if you had new construction or if you just bought a property, you should expect this notice. Depending on whether the value went up or down, you will get a bill or a refund. More information may be found in the California State Board of Equalization Q&A page.

These forms are publicly available at your local County Assessor’s Office. They may be able to answer general questions but it is important that you seek legal advice if you have questions about how these forms may or may not benefit you.

Photos from Unsplash by:

Kostiantyn Li

Tingey Injury Law Firm

Samia Liamani

Marissa Grootes

Blake Wheeler

Probate and Trusts, Real Estate, Sellers

What You Should Know If You Are A Successor Trustee Selling A Home

Lupe Ruiz, REALTOR®/Broker

Losing a loved one is hard as it is. Having to handle their affairs can make it even more difficult to grieve. One of the major assets a personal representative may need to handle is real estate; particularly the primary home. Assuming you have already reviewed the living trust and know you will need to sell the property in order to settle the estate; here are five things you should do:

  • Check the title of the property – You want to make sure the property is still in the trust.  At times, if there was a transaction having to do with title (such as a refinance), the property might not be put back into the trust. It is important to do this as you will need to file paperwork to get the property back into the trust prior to selling.
  • Contact the mortgage company – Inform them the owner has passed away and you are the designated personal representative of the estate. Find out if the account is in good standing, how to go about making the mortgage payments and eventually what is the payoff amount. In addition to the mortgage company, you will also need to contact the utility companies.
  • Sort through the personal property – This might be a difficult task since you are still grieving but you can seek help from friends and family or hire a company who can help with this. You can also have an estate sale or donate to charity.
  • Have the house professionally cleaned – Hire someone to do a deep cleaning of the property as well as someone who will help throw away furniture or any other items you will not keep.
  • Hire a real estate agent who is a probate and trust specialist – It is important that you work with a professional who is experienced in the process and can guide you through it.  A specialized real estate agent can be a great source to find estate lawyers, accountants, contractors, handymen, auctioneers, professional cleaners, etc. who you might need to hire in the process.

Featured Photo by Ridham Parikh

Content Photo by Melinda Gimpel