Transfer on Death Deed and 502 Form
Hello,
I recently inherited a house when my Step Dad passed away four months ago. In case it matters, the property is located in San Luis Obispo County. He did a Transfer on Death Deed so all we need to do now is complete this 502 form and supply a copy of the death certificate.
I am having a problem with completing the 502 form so I can get that recorded.
There is one part titled the Descriptive Information that I am not sure what box to tick. I'm assuming it's the copy of the TOD that has been recorded.` The other box that states, Disposition of Real Property I would assume to tick the box that says, "Action of trustee pursuant to terms of a trust"?
The last one is the most confusing for me though. The Transfer Information...... I'm not one of his children, I'm a step-child. Would it be most appropriate to check the "other beneficiaries or heirs"?
The reason he did the TOD was so that when he passed away, it wasn't part of the trust that is dealing with all his other properties as it relates to his children and grandchildren.
Is there anything else I need to be aware of? Prior to his passing, he mentioned something about an appraisal or assessment? I'm not sure if/how that works.
Any thoughts or direction would be greatly appreciated.
Thank you!
Dave