Continued from page 08
Santa BarBara County SaleS AREA
SANTA MARIA
UNICORP
ADDRESS
SELLER
BUYER
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
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
E10
PRICE
DATE
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.
SANTA BARBARA NEWS-PRESS REAL ESTATE
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.
SUNDAY, JULY 24, 2022
