You have probably heard of the term Heggstad Petition, but at the same time, you are not fully sure what it is and how it can work for you so that you can have all the property of the deceased person who has left a trust for you. You may think; the person has already legally nominated you in their trust for their property, so what is the problem?
What is the problem?
Yes! There’s a problem that can only be fixed by submitting a Heggstad Petition because the owner forgot to transfer some part of their property. Let’s read more & learn more!
It is not uncommon that a deceased person’s living trust is absent from an asset or a real property, so in that case, there is now the only way to fix the problem, and it is nothing else but to go with the legal remedy so-called Heggstad Petition. All you need to do is to file a Heggstad Petition mentioning the above forgetfulness on part of the trustier.
The objective of the petition
Put simply, real property has been excluded from your relative or friend’s living trust, and so, you simply need to file the petition. The objective of the petition is to make sure that the forgotten property has been formally transferred to your name so that you can have legal ownership of the real property or the asset. Thus, the title of the real property will be in your name, which means you are now the real or next owner after the owner’s demise.
In a living trust, it is mandatory to ensure that all the assets have been legally transferred to it. This practice is very common in California. According to the existing laws, the trust leaver needs to transfer the property into the trust, but what if they forget? The above is the solution!