Living Trusts and real estate go hand in hand, offering flexibility and protection that can feel almost magical. A Living Trust ensures that you—or your Trustee, if you’re incapacitated due to a stroke or dementia—can buy, sell, or rent out property as needed. It also safeguards your property under California’s Prop 13, preserves lower property taxes under Prop 19 if a child resides in your home after your passing, and protects your rental properties since transfers to a Living Trust do not trigger reassessment.
If you’re incapacitated, your Trustee can use the Living Trust to secure a mortgage or even a reverse mortgage (if the Trust allows it) to fund your care at home. If staying home is no longer an option, the Trustee can sell or rent out your property to ensure you’re cared for. Additionally, your Living Trust can be customized to mandate that the Trustee prioritize your care and well-being.
While a Living Trust is one of the best tools for managing real estate, it’s crucial that your property is actually titled in the Trust. This requires recording a new deed to change the title. If you’re unsure whether this step has been completed, I can help you verify.
If you don’t yet have a Living Trust, or if your existing one is outdated, give me a call. Together, we can make sure your real estate is protected and that your Trust is written to serve your needs.
