Death of Settlor of Revocable Trusts is a Change in Ownership
, 223 P.3d 57 (Calif. 2010): The California Supreme Court held that a “change of ownership” allowing a taxing jurisdiction to reassess real property for purposes of taxation occurs at the death of the settlor of a revocable inter vivos trust which contains the settlor’s home even though the trust continues and gives a beneficiary the right to live in the home for life. When that beneficiary dies, the home is to be sold and the proceeds distributed to other beneficiaries. Because the settlor held the entire equitable estate in the residence, ownership of the residence was transferred at the settlor’s death.