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Estate of Heggstad, 16 Cal. App. 4th 943 is a legal case heard by the California Court of Appeal concerning the probate the estate of Halvard L. Heggstad and mislabeling of property within a trust. Background
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate. In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee , who holds the property as security for a loan ( debt ) from the lender to the borrower.
“When Tom and Jane passed away in 2020, the house was worth $600,000, and Bill inherited the property in trust at that base value — real property gets a stepped-up basis at the owner’s death.
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Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.
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