How do I change the ownership of a condo that my sisters and I inherited through a trust so that we can sell it?

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How do I change the ownership of a condo that my sisters and I inherited through a trust so that we can sell it?

My father died 6 months ago. He had a living trust and named my two sisters and I as trustees. One of my sisters is administering the trust.He owned a condo and it was his primary residence. The Quitclaim Deed is in the name of the trust, as it was before our mother died. (i.e., it’s written: John Doe and Jane Doe, Co-Trustees, the John and Jane Doe Trust dated xx/xx/xxxx; after our mother died, the trust was renamed to my dad’s name but the Deed was not changed).We are currently renting the condo to a relative and we think we might want to sell it next year. We have done nothing to change the ownership, so our question is:- Should we change the deed over to our names?- If so, when should it be done?- How do we go about doing it?As far as I know, the only implication this has had is that we have not been able to vote in the Homeowner Association elections.

Asked on March 12, 2009 under Estate Planning, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Why would you need to change the ownership? The trust owns it. So, the trust can sell it. What you should do is speak to an estate planning attorney about getting the most bang for the sale.  He/she may tell you (due to market conditions) to hold onto to it, use the monies to collect interest in the trust, and then when the market goes up, sell it. 

Try calbar.ca.gov to look for an attorney in California, or attorneypages.com or a local bar association in the county where the property is located.


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