Decisions, decisions… To make the right ones, you need the correct information.
In a trust sale, the Trustee follows instructions created by the Trustor to sell real property. The duties of Trustees selling Los Angeles real estate are many. The Trustee often hires specialists, such as Realtors, Accountants, and Attorneys. The assets and proceeds from a Trust sale are designated for the welfare of the Beneficiary, not the Trustee (who may or may not also be a Beneficiary).
Tips to help Successor Trustees navigate toward a smooth close of escrow
Verify Trust name and Successor Trustee roles for appropriate forms.
Obtain certified copies of death certificates.
Obtain the estate tax ID. Click here for more info
Consult with a Tax Professional for assistance in completing the tax forms.
Prepare to submit a copy of the Trust and Trust Certification Form.
Confirm the Trust bank account details, such as routing and account numbers.
After Closing
Your final closing statement (from escrow) and 1099-S will be required to file the estate tax return.
Expect to receive an unsecured tax bill for the stepped-up basis of the property taxes. The period covers the time of passing through the date of closing.
Harb and Co. specialize in assisting trustees in selling Los Angeles County real estate. We pride ourselves on being sensitive to our clients needs. Our Team understands this is more than a sale; it’s about closure. We will guide you from beginning to end. We work closely with the Trustee and, upon their direction, with their Attorney, Accountant, Siblings, and or Beneficiaries. Whether you are around the corner or out of state, we have systems in place to protect the Trust’s interests each step of the way.
Some quick facts about Los Angeles Trust Sales:
A Trust is a legal entity. It is a contract between a Trustor and a Trustee for the benefit of one or more other persons or entities (the Beneficiary). A Trust can only control assets that are funded into the Trust. The purpose of the Trust is to provide explicit instructions on how the assets owned by the Trust are distributed.
The entity that establishes the Trust is the Trustor, Grantor, Settlor, or Trust Creator (or Trust Maker). The Trustee is the person or entity who controls and manages the assets of the Trust. The Trustee is a Fiduciary, as are Administrators or Executors in Probate Sales.
Do you need to hire a Realtor experienced with Trust Sales?
As the Trustee, the choice is yours to make. However, hiring a traditional Realtor who is not versed in the intricate details of Los Angeles trust sales typically results in higher attorney’s fees. Consider that the more involved your attorney is in overlooking your Realtor’s preparation of the contract and disclosures, the higher the legal fees.
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