My mom died in FEB of this year; she was primary trustee of our house and I was SOLE successor trustee. I have compiled and completed all of the necessary docs to transfer the title to me as single person at the REG/REC and then ASSESSOR's in LA county. THE forms are pretty straightforward, except for 1 question on ASSESSOR FORM BOE-502-D that baffles me.
THE previous q on the form asks 'the % of ownership that I will receive and my relationship to the decedent.' I put 100%, SON, and my name. SO far, so good, but now comes the q that has stumped me and stymied me for 4 months.
Will the decree of distribution include distribution of an ownership interest in any legal entity that owns real property
in this county? If YES, will the distribution result in any person or legal entity obtaining control of more than 50% of
the ownership of that legal entity?
--OF course the house is in LA COUNTY and LA city or I would not be completing the form for LA county; however, I interpret the q 2 ways and do not know which is correct. HECK, maybe both are wrong.
THE distribution of the ownership interest is 100% to me, the SON/heir/successor trustee. DOES that mean that the distribution results in MY obtaining control of more than 50% of the ownership of the 'legal entity?' I say that it obviously does, as 100% > 50%, and I have to wonder why the Assessor is asking virtually the same question twice.
THE other interpretation is that PERHAPS I, as single owner, am not a 'legal entity,' or the house is not a 'legal entity,' if legal entity means company, corporation, business, and so on, and therefore the distribution does NOT result in 'any person or legal entity' obtaining control of more than 50% of that legal entity.
ANY help would be appreciated. WOULD that the document had been written in PLAIN ENGLISH rather than legalese; or conversely, that I had studied law in college/grad school rather than PSYCH!
Thanks.
THE previous q on the form asks 'the % of ownership that I will receive and my relationship to the decedent.' I put 100%, SON, and my name. SO far, so good, but now comes the q that has stumped me and stymied me for 4 months.
Will the decree of distribution include distribution of an ownership interest in any legal entity that owns real property
in this county? If YES, will the distribution result in any person or legal entity obtaining control of more than 50% of
the ownership of that legal entity?
--OF course the house is in LA COUNTY and LA city or I would not be completing the form for LA county; however, I interpret the q 2 ways and do not know which is correct. HECK, maybe both are wrong.
THE distribution of the ownership interest is 100% to me, the SON/heir/successor trustee. DOES that mean that the distribution results in MY obtaining control of more than 50% of the ownership of the 'legal entity?' I say that it obviously does, as 100% > 50%, and I have to wonder why the Assessor is asking virtually the same question twice.
THE other interpretation is that PERHAPS I, as single owner, am not a 'legal entity,' or the house is not a 'legal entity,' if legal entity means company, corporation, business, and so on, and therefore the distribution does NOT result in 'any person or legal entity' obtaining control of more than 50% of that legal entity.
ANY help would be appreciated. WOULD that the document had been written in PLAIN ENGLISH rather than legalese; or conversely, that I had studied law in college/grad school rather than PSYCH!
Thanks.