It happens more times than you may think. Mom and Dad have passed away and they have left a piece of real estate to a number of their children in equal shares. Over time, the children have transferred their interest to other siblings, other sibling’s trusts and perhaps a limited liability company or two.
Is there anything that needs to be done with mom and dads’ real property, titled in the name of the family trust, upon the first death? Yes, the survivor should file with the County Recorder where the real property is located, an Affidavit of Death of Trustee form.
Let’s say a couple have a great idea and rather than spending money on an estate plan, they decide to hold title to their home as Husband and Wife as Joint Tenants or Husband and Wife as Community Property with Right of Survivorship.