
Some homeowners, as part of their estate plans, smartly put their La Mesa properties into living trusts so they can avoid probate when they pass and take advantage of the tax benefits that are available. However, many people (including the estate attorneys) are surprised to find out that when they transferred their property into their living trusts, they may have lost their title insurance coverage. Oops!
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When you transfer to a trust it is a transfer to a new entity and requires an endorsement (for a small fee) to continue coverage under the standard policies.
Good News La Mesa Real Estate owners.... Some title insurance policies DO cover such a transfer so it is important to check your CLTA/ALTA Policy.
For more information like this, please contact me anytime. I pride myself on educating my previous, present and future La Mesa real estate and Mount Helix real estate clients to help them navigate through this ever changing La Mesa Real Estate marketplace.
Chris Melingonis
