APPRAISALS FOR CALIFORNIA LIVING TRUSTS
Trusts and wills are both essential estate planning tools that ensure a seamless transfer of assets to beneficiaries after the owner's death. You've likely heard that placing your house in a Trust is preferable to a will. But what makes Trusts the better option? Let's explore.
IMPORTANCE OF A LIVING TRUST
When assets remain in the deceased individual's name without a named beneficiary, they become inaccessible upon the owner's death. Family members must then navigate the probate process, a lengthy and costly procedure involving a petition to the probate court to transfer asset titles. During probate, asset management and bill payments are halted.
Owning a home or multiple properties means your family will face California’s probate laws and fees after your passing, even if you leave a will. A living Trust can prevent this ordeal. By placing your home in a Trust, your loved ones can avoid the complex and expensive probate process. Assets held in a Trust are immediately accessible to the Trust-maker’s designated successor, making a Trust a smart way to avoid probate.
PROFESSIONAL TRUST APPRAISALS BY KO APPRAISAL
KO Appraisal specializes in real estate appraisals for estate planning trusts, offering precise evaluations of fair market values for homes and properties. Our expertise is trusted by attorneys, CPAs, executors, and grantors across California for our accurate and detailed value assessments. Trust and estate appraisals must adhere to the following legal standards:
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Compliance with State of California laws
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Adherence to IRS standards
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Conformity with United States Treasury Department standards
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Compliance with USPAP (Uniform Standards of Professional Appraisal Practice), which have been mandatory since July 30, 2018. USPAP's ethics provisions ensure confidentiality and discretion.
IMPORTANCE OF HOME APPRAISAL FOR A LIVING TRUST
To ensure fair division of real estate among heirs, it's crucial to know the property's current value, especially if it has been a long time since the purchase. A home appraisal provides an accurate valuation, which is essential for equitable distribution within a Living Trust. Regular updates to your home appraisal are recommended due to potential changes over time, such as:
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Significant increases or decreases in property value
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Death of heirs or beneficiaries
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Birth or adoption of new heirs or beneficiaries
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Marriage or divorce
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Changes in trustees, guardians, or personal representatives
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Acquisition or disposal of significant assets
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Children reaching adulthood
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New state laws
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PROFESSIONAL TRUST APPRAISALS BY KO APPRAISAL
KO Appraisal specializes in real estate appraisals for estate planning trusts, offering precise evaluations of fair market values for homes and properties. Our expertise is trusted by attorneys, CPAs, executors, and grantors across California for our accurate and detailed value assessments. Trust and estate appraisals must adhere to the following legal standards:
-
Compliance with State of California laws
-
Adherence to IRS standards
-
Conformity with United States Treasury Department standards
-
Compliance with USPAP (Uniform Standards of Professional Appraisal Practice), which have been mandatory since July 30, 2018. USPAP's ethics provisions ensure confidentiality and discretion.
CONTACT OUR TEAM
For more information about our appraisal services, please contact us or call us at 760-685-8036. We are committed to helping you navigate the appraisal process with ease and accuracy.
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