Death of a Real Property Owner: 150 Day Rule
(Instagram: @bna.realtors)
One of the main benefits of putting your house in a trust is to bypass probate when a property owner passes. But did you know when a trustee passes, the successor trustee must file an affidavit of death within 150 days or face potential tax implications? 🏠
What You Need to Know: CA 150-Day Rule
Once a trustee passes, the successor trustee must file an affidavit of death notifying the county assessor of the passing within 150 days of the death. This applies for all counties in California. The Change in Ownership Statement Death of Real Property Owner Form (BOE-502-D/ ASSR-176) is required to be completed and submitted to the Assessor’s Office. Failure could result in an escape assessment & tax bill for each affected tax year from the date of death to the current year.
"A blank BOE-502-D/ ASSR-176 form is a good one to include with your trust/estate paperwork so that heirs will have it handy to fill and turn in promptly at the proper time. Remember, a trust is a set of instructions, not an autopilot." –Jeff Prang, LA County Tax Assessor.
Check your local County Assessor for more information & downloadable copies of the form 📋
Los Angeles | Orange | San Bernardino | Riverside | San Diego
Buscemi • Noonan & Associates | @FirstTeam | Lic #00933809, 02034721
