Real Estate Q&A: Is a revocable trust a good idea for aging parents who are buying condo?

AREA ADDRESS SELLER BUYER PRICE DATE

SANTA MARIA 480 WILSON CT HEALING ROOMS OF SM VALLEY ARTEGA-SURILLO FRANCISCO EU $665,000 7/15/2022 1426 TATTERSALL CT LAKE THOMAS EA WORDEN JUSTIN $680,000 7/15/2022

3555 HADLEY WAY KORN WILLIAM EA FOLK ELIZABETH EU $725,000 7/13/2022

1572 RHINESTONE CT MADRID PHILLIP EU ARMIJO ISRAEL EU $740,000 7/15/2022

270 SILER LN ROACH JAMES EU MAGANA PATRICIA $765,000 7/15/2022

4895 RUBY CREST CT HERNANDEZ RONNIE EU MILLER JULIE EU $765,000 7/15/2022

464 FOXENWOOD DR ESTRADA RUBEN ALVA MICHAEL EU $855,000 7/15/2022

UNICORP 3891 CASSINI CIR 2 ESPARZA SUSAN MENDEZ JORGE EU $385,000 7/13/2022

620 S C ST REDWOOD HOLDINGS LLC TURNER LAND & HOMES EA $440,000 7/15/2022

530 MARIOTT RD KOCH MARK INNOVATION DESIGH & DEVELOPMNT $479,000 7/12/2022 912 W LOQUAT CT CAMPBELL ROBERT EA TORAL DAVID $480,000 7/15/2022 526 E SAN LINO CT ORDONEZ GABRIEL EU DEEN WESLEY $519,000 7/14/2022

317 FIFTH ST C JACOBSEN RANDY EA KIKKERT DANIEL EU $520,000 7/13/2022

4084 STARDUST RD FORREN JOHNNIE EA WENTLING CHRISTOPHER $520,000 7/15/2022

244 ANTARES AVE KREIGH MARY EA MAYA JUAN EU $577,000 7/12/2022

431 N BRIAN ST KLUTH GERHARD EA DE POMPA TERESA $650,000 7/12/2022

432 E INGER DR MIDDLETON RONALD EA MADRIGAL EZEQUIEL $660,000 7/15/2022 3687 JUPITER AVE JR COOK DANIEL F EU VILLARREAL JEFFREY EA $790,000 7/12/2022

476 VIA CORONA NAGANUMA, MACHIKO TRUST 11/5/9 HARTSTEIN STEVEN EA $956,000 7/11/2022

Real Estate Q&A:

Is a revocable trust a good idea for aging parents who are buying condo?

By Gary M. Singer

Question:

Our aging parents are buying a condo in an over-55 community. Someone recommended using a revocable trust for them. What is this, and is it a good idea? – Laura

Answer:

A revocable or, “living” trust can be an excellent way for your parents to own their new home. A trust is a contract where someone, the “grantor,” in this case your parents, transfers “legal” ownership to one or more “trustees” who are tasked to manage the property to benefit the “beneficiaries” who get to enjoy the property. Because the trust is revocable, the grantor can change the rules of the trust and name alternate trustees and beneficiaries.

Their revocable trust will serve several purposes. Its primary purpose is to control the disposition of property after they pass away. It is often used as an alternative to a will, and the property in the trust will not have to go through probate administration in the courts.

Trusts are more private because the terms of their estate plan are in a private trust agreement and do not usually need to be filed with the courts. The trust also allows a successor trustee to be appointed who can manage your parent’s financial affairs should they become incapacitated. This may avoid a guardianship proceeding at the courthouse.

A properly drafted revocable trust can save you and your family considerable time and money.

In the revocable trust you are considering, your parents would be the grantors who create the trust and the trustees who control the property for activities like signing a mortgage or working with contractors for needed repairs. In practical effect, the trustees act like the managers of the property.

Your parents would also be the initial beneficiaries and enjoy the property’s use. A significant benefit is that when a beneficiary (or a trustee) passes away, no court intervention or probate proceeding is needed to transfer the property to either the remaining owners or the heirs.

Because a revocable trust is a common estate planning tool, virtually all community associations are OK with properties being titled this way. To be on the safe side, you should contact the manager of this community to confirm this will not present an issue.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation.

This single-level 3 bedroom and 2 bathroom ranch-style home is approx. 2,000 sq. ft. resting on a quiet street between The Mesa and Downtown Santa Barbara. This home is in meticulous condition with a rarely seen pride of ownership. The owners have enjoyed, maintained, and tastefully improved the property throughout their ownership. Bring your furniture and start enjoying their years of hard work and loving care right away! The living room is tastefully appointed with high vaulted ceilings, crown moulding, a cozy gas fireplace, and a bay window overlooking the front yard. The kitchen, family/dining area, and wet bar come together to create a wonderful great room ideal for entertaining. The kitchen features stainless steel appliances, spacious tile counters, breakfast bar seating, and recessed lighting. Just off the dining area is a slider that leads to a gorgeous Trex deck and sunken hot tub. Enjoy high ceilings in the master suite, a walk-in closet, and a stunning bathroom with dual-sinks, skylight, and a glass enclosed shower. The additional bedrooms are in excellent condition with fresh new carpet. The beautifully remodeled hallway bath features a tub/shower, glass shower doors, and tile floor. The attached 2-car garage is so clean you could eat off the floor! It has epoxy flooring, overhead lighting, and custom Closet World cabinets. Additional features include: Augie’s whole home water softener, York central furnace, and LG gas dryer. The window treatments are a mix of plantation shutters and woven wood blinds. A special bonus feature, it’s just a “hop, skip, and jump” to the back entrance of Eling’s (dog-friendly) Park.

The Richardson Team

Mike and Kyle Richardson Team@mrrealtors.com 805.963.1704 www.mrrealtors.com

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