Sales or acquisitions by trustees of a trust can potentially be a bit more involved and require assistance from the trustees to help keep the process moving smoothly toward a timely close.

PROPERTY HELD BY ORIGINAL TRUSTEES

Trustee Checklist

• Complete tax forms with names and social security numbers of all the individuals involved in the trust or have instructions for how the transaction tax return will be submitted.

• Be prepared to complete a Certification of Trust.

• Be prepared to gather and submit a full copy of the trust.

• Confirm that the Trustee’s bank account is open and ready to receive proceeds.

PROPERTY HELD BY SUCCESSOR TRUSTEES

Agent Checklist

• Submit fully executed Representative Capacity Signature Disclosure (C.A.R. form RCSD-S).

• Plan to order any required city reports early.

• Ask escrow to order preliminary reports at listing or as soon as possible; long-term ownership preliminary reports may take longer to produce and may include older items that will take time to work through and clear.

Successor Trustee Checklist

• Consult with tax professionals and obtain estate/trust tax IDs to complete tax forms in escrow. You can find more information at irs.gov.

• Provide certified copies of death certificates for any deceased trustees and be prepared to complete a Certification of Trust.

• Gather and be prepared to submit a full copy of the trust agreement.

• Confirm that the bank account in the Trust’s name is open and ready to receive proceeds.

HELPFUL TIPS

• Collaborate Early

• Begin early collaboration with the escrow officer to assist with a timely closing.

• Tax Savings for Heirs

• Children and grandchildren may consider applying for a tax exemption if they inherited the property. Tax information for individual counties is available on each county tax collector’s website. Sales or acquisitions by trustees of a trust can potentially be a bit more involved and require assistance from the trustees to help keep the process moving smoothly toward a timely close.

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