Arcadia
REALTOR®
The Official Publication of the Arcadia Association of REALTORS®
PROUDLY SERVING THE REALTORS® OF ARCADIA, BRADBURY, DUARTE, MONROVIA AND SIERRA MADRE
“Bingo, Burgers (& Beer) Night Raises $3,300+ for Charity! See page 8
“Why Elephants Won’t Run” See page 4
“Introducing zipForm® Plus Beta” See page 9
JUNE 2013
WWW.THEAAR.COM
VOL. 17, NO. 6
Arcadia
REALTOR®
REGULAR FEATURES 4 Events Calendar
4 From the EVP’s Desk Andrew Cooper, Executive Vice President
5 Attorney Comments Dave Freeman, AAR Legal Counsel
6 Market Matters
10 Through the Lens
A Look at What’s Happening Around the AAR
11 Affiliate Corner
“When the Worst Happens: Trust Administration and the Duties of the Trustee”
Romy Rahmanian, Attorney at Law
06.13
{ Arcadia REALTOR® | June | Two Thousand and Thirteen | Volume Seventeen | Number Six}
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June 2013
Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 626.446.2115 626.446.4072 FAX www.TheAAR.com
2013 ASSOCIATION OFFICERS
Andy Bencosme {President} Mike Vachani {President-Elect} Joe Pacilio {Vice-President} Jill Nelson {Secretary/Treasurer}
2013 ASSOCIATION DIRECTORS
Micah Adams Ryan Asao Roy Blume Kelvin Chang Margaret Garemore John Lee Paulina Lee Sylvia Ramos Irene Yamagata -Bermudez
2013 C.A.R. DIRECTORS
Ryan Asao Andy Bencosme Margaret Garemore George Monte Randall Traw Mike Vachani Kelvin Wong
ARCADIA ASSOCIATION STAFF
We are here to help you with your needs! Office Phone 626.446.2115 Robin Allen Ext. 307 Director of Finance / Office Manager Robin@TheAAR.com Michael Beltran Ext. 302 IT Director / Webmaster Michael@TheAAR.com Brenda Faltes Ext. 304 Director of MLS Data Integrity, Supra & Social Media Brenda@TheAAR.com Stephanie Maertens Ext. 303 Director of Education, Publications & MLS Caravan Stephanie@TheAAR.com Maria Roberts Ext. 305 Director of Membership & Professional Standards Maria@TheAAR.com Jane Shriver Ext. 301 Director of Association Services Jane@TheAAR.com Andrew Cooper Ext. 308 Executive Vice President Andrew@TheAAR.com
ON THE COVER 4
“Why Elephants Won’t Run” Are you holding yourself back? Learn why believing in yourself is so important for your success.
8 Bingo, Burgers (& Beer) Night Raises $3,300+ for Charity! A look at the annual charity event hosted by the AAR Events 4 Charity Auxiliary. 9
“Introducing zipForm® Plus Beta” Start exploring the new version of zipForm® and all of the benefits it offers!
ADDITIONAL CONTENTS 3
Committee Highlight of the Month - “Education Committee” A monthly highlight of one of the AAR Committees.
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Accredited Buyer Representative (ABR) Designation Please join us for this 2-day N.A.R. Designation course.
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AAR New Members The AAR welcomes its newest REALTOR® Members.
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Congratulations Expo Winners! Announcing the winners of the Passport prizes and the Grand Prize at BizN.E.T. 2013!
COMMITTEE HIGHLIGHT OF THE MONTH “Education Committee” By Kenny Watanabe, Committee Chairman
Our mission on the Education Committee has many objectives. Firstly we provide a minimum of 12 hours of Continuing Education credit courses per year to enable you to accumulate 48 hours of DRE credit towards your 45 hour renewal. Next, we strive to ensure that newly licensed agents receive basic courses to build a foundation for their businesses. Some of these include tax advice as business owners, legal information to avoid lawsuits, and many other topics. For the veteran agents we try make sure that we provide classes and techniques for the market of the moment to handle our ever evolving market. If there are any recommendations for subjects or instructors, please forward them to our Committee. “If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.” Benjamin Franklin
Design Escrow, Inc. Known for the integrity of our intent and quality of our actions, we have the confidence to do what is required, the courage to move the process along to successful completion, and the compassion to listen to needs of all parties involved. JUNE 13-14, 2013 9:00 A.M. TO 5:00 P.M.
Continental breakfast on second day sponsored by Laura Pozzi, Cutco Closing Gifts
Light lunch on second day sponsored by Mary Kay, Advanced Group Property Inspections
ARCADIA ASSOCIATION OF REALTORS® 601 SOUTH FIRST AVENUE ARCADIA, CA 91006
128 East Huntington Drive Arcadia, CA 91006
626.445.6137
COURSE FEE: $189 To register, please visit www.TheAAR.com and click on the course title under “Upcoming Events”.
LEARN HOW TO KEEP THEM FROM STRAYING Who you are, and what you are, make a big difference. ABR® after your name tells buyers that you’ll provide the attentive service they expect - and that you’ll be loyal to them too as you track the scent of their new home together. The cornerstone of buyer representation education, this comprehensive course covers this specialty top to bottom and is required to earn the ABR® designation. For complete information on designation requirements, see the back of this flyer or visit www.rebac.net.
Standing (left to right): Julie Nguyen, Kai Wu, Jackie Ramos, Liem Ho, Yolanda Vidales, Suzie Archuleta, Luly Goodmand and Jojo Ong. Sitting (left to right): Terri Fabbri, Alexis Ostensen, Kay Gass and Shelly Malicek
Arcadia REALTOR® Magazine
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June Events Calendar 3
8:30 a.m. - New Member Orientation
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10:00 a.m. - Global Real Estate Committee Mtg. 10:00 a.m.-12:00 p.m. - Beginning Zipforms Training
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8:30 a.m. - MLS Caravan 9:30 a.m. - Events 4 Charity Auxiliary Mtg.
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9:30 a.m. - Commercial / Investment Committee Mtg. 11:00 a.m. - Commercial Marketing Mixer 1:00 p.m. - 4:00 p.m. - Dogologic presents “Breed Selling”
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12:00 p.m. - 1:30 p.m. - Toastmasters Open House
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10:00 a.m. - 3:00 p.m. - CRMLS Training
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11:00 a.m. - Tech Committee Mtg. 1:00 p.m.- 4:30 p.m. - “Achieving Success in Real Estate”
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8:30 a.m. - MLS Caravan 8:45 a.m. - Affiliate Committee Mtg. 9:30 a.m. - MLS Committee Mtg. 3:30 p.m. - Equal Opportunity / Housing Affordability Committee Mtg.
13-14
9:00 a.m. - 5:00 p.m. - Accredited Buyer Representative (ABR) Designation
15-16
Relay for Life @ Santa Anita Park
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10:00 a.m. - 12:00 p.m. - Intermediate ZipForms6 Training 2:00 p.m. - Education Committee Mtg.
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8:30 a.m. - MLS Caravan 9:30 a.m. - Public Relations Committee Mtg. 1:00 p.m. - 4:00 p.m. - “Legal & Tax Consequences of Short Sales vs. Foreclosures” 1:30 p.m. - Local Governmental Relations Committee Mtg.
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11:00 a.m. - 12:00 p.m. - Lunch & Learn Series “Reverse Mortgage Purchase”
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12:00 p.m. - 1:30 p.m. - Toastmasters
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8:00 a.m. - 5:30 p.m. - CCIM: Residential Investment Real Estate Financial Analysis 1:30 p.m. - Budget and Finance Committee Mtg.
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8:30 a.m. - MLS Caravan 9:30 a.m. - Young Professionals Network Committee Mtg.
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8:30 a.m. - Board of Directors Mtg.
Please join us for the AAR Annual Membership Breakfast on Wednesday, June 19th at 8:00 a.m. at the Arcadia Masonic Center. 4
FROM THE EVP’S DESK Why Elephants Won’t Run My son loves the zoo. He’s still too young to pronounce the names of the animals correctly but he loves watching and learning about them. His favorite is the elephants. Recently my wife, son and I were watching an elephant being washed by a zookeeper complete with the elephant entertaining us by spraying water through his trunk. Needless to say that exhibition caused quite a mess later when our son did the same thing with his water through a straw… Anyway, I watched with curiosity as the large, magnificent animal was just standing there tethered by a standard rope around his front foot not attempting to move. It was obvious the elephant could break free anytime it wanted. I was able to ask a nearby zookeeper why the elephant didn’t try to snap the rope. The answer was intriguing: the person said that when elephants are very young the zookeepers use the same size rope to tie them and at that age, it’s enough to hold them. As the elephants grow older they are conditioned to believe the rope can still hold them, so they never try to break free. That was the inspiration for this month’s article. Like the elephants, how many of us go through life tethered to a belief that we cannot do something, simply because we failed once before? How many of us are being held back by old, outdated beliefs that are longer valid? Worse, how many of us are held back because of someone else’s limiting beliefs? When we got into real estate, or the mortgage business or title, etc., we probably were cautioned not to take too many risks, usually by well-intentioned friends and family. How many of us heard, “You can’t do that, it’s not stable enough”? Congratulations! You challenged their limiting beliefs by moving ahead. If you begin to question a negative belief, you automatically weaken it. The more you question your own limiting beliefs, the more they are weakened too. Once you realize you are a fantastic REALTOR® or home warranty salesperson or insurance agent you have weakened that old belief and began to replace it with a new, empowering one. Remember back to times in your past when you were successful (it can be in any area of your life) and use that experience to lift you to even greater heights. If a picture is worth a thousand words then what would happen if you try to visualize your successes? Picture yourself vividly in your mind actually getting that listing, making the sale or quitting that habit. Our subconscious mind does not know the difference between real and imaginary. Before you go on that well-earned listing appointment, take a moment and mentally rehearse the scene, just like the top actors and (Continued on page 12)
June 2013
Attorney Comments June 2013
By Dave Freeman, Association Counsel 1. HELP BUYERS CLOSE ESCROW: Frequently the buyer is more naïve to the process of purchasing a property than meets the eye. The numerous documents, disclosures, contracts and escrow instructions, not to mention the loan documents, can be totally baffling to even intelligent parties. Don’t set unreasonable time lines for completion of acts, most importantly the close of escrow date. In this era of increasing prices, the seller will be more likely to present you with a demand to close escrow within three days once the scheduled escrow close date has arrived. Keep a time line, and keep working with your client to be sure they are adhering to the reasonable goals you set. Inspection, review of the inspection report, Preliminary Title Report and disclosure documents, as well as the overwhelming loan process and documentation are all areas where the buyer needs help generally. My experience is that buyers have not even reviewed the Preliminary Title Report before close of escrow. Do your clients a favor and sit down with them and explain that they can ask for documents that are mentioned in the Preliminary Title Report, which may be very important (easements, Mellow-Roos payments). Be sure the client is working effectively on getting a loan and moving it forward. If the client is depositing a large amount of cash at some point in the escrow (all cash?), be sure the client understands the difficulty of wiring funds from certain parts of the world, due to national restrictions, as well as the difficulty of getting notary
acknowledgments for signatures in certain parts of the world. 2. PARTNERSHPS WITHOUT AGREEMENTS: It appears that the majority of times when more than one party purchases a property for investment, improvement and sale or just developing the property from scratch, no written agreement is entered into between the parties. Frequently there is no verbal agreement as to when the property will be sold, what duties each party has and the percentage of the net profits or losses will be received or born by the respective parties. Two of the most important purposes for a written agreement are: A. To clarify each party’s understanding of the agreement. B. To uphold the agreement of the parties should Court action be necessary. Frequently the reason for dispute between the parties is a true and legitimate misunderstanding. Party A may believe that they are to receive an equal share in the proceeds/profits. Party B may feel that since they did all the work in the improvement to the property that they should be receiving an extra share of the profits. Very large lawyer fees, loss of friendships and extreme mental stress can be avoided by discussing and spelling out the details of an agreement, and then having same put in writing, signed by the parties. 3. DISCLOSE CONCEALED AND DANGEROUS CONDITIONS: We’re
all aware that we must disclose to a potential buyer any facts which the buyer is not likely to discover through a reasonable and diligent visual inspection of the property, and which might materially affect the value of the property. However, even during the sale process, when parties are viewing the property, it is important to disclose concealed and dangerous conditions that might potentially injure the prospective buyer who is viewing the property or the real estate agent who is showing the house to the prospective buyer. In a recent Appellate Court case, a home inspection report was performed which showed that the pull-down ladder to the attic needed replacement. A REALTOR® brought prospective buyers to the property, pulled down the ladder, and the prospective buyers went up the ladder into the attic. When the REALTOR® attempted to follow them, the ladder failed, breaking the REALTORS® leg (the prospective buyers were stuck in the attic peering down, and unable to help the injured REALTOR®). The REALTOR® sued the seller and the listing agent. Although the trial Court threw the case out, stating that there was no duty, the Appellate Court reversed saying that there were triable issues of fact – meaning that the REALTOR® could sue the seller and listing agent for failing to disclose the dangerous condition, which was known to the seller and listing agent. Always disclose, in a provable manner, any dangerous conditions which your invitees inevitably will stumble into. Arcadia REALTOR® Magazine
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Market
Matters
Market Statistics for the San Gabriel Valley Single Family Homes
City
6
Zip Code
April 2013
Condominiums
SFR Only
Price Median Price & Median Condo Chg from Home Price/ ($1,000) April 2012 Sq. Ft.
Sales of Price % Sales Single Family Price Median Chg from Count Homes SFR ($1,000) April 2012 Condos
Alhambra
91801
11
$420
-17.6%
11
$369
12.7%
$391
Alhambra
91803
16
$490
18.8%
2
$350
75.6%
$354
Altadena
91001
38
$585
45.3%
3
$336
n/a
$368
Arcadia
91006
36
$950
-4.5%
10
$540
24.3%
$485
Arcadia
91007
22
$921
-21.6%
13
$463
-5.3%
$510
Azusa
91702
25
$320
27.0%
12
$225
40.2%
$232
Duarte
91010
27
$300
-3.5%
14
$313
52.7%
$300
El Monte
91731
5
$347
30.7%
2
$199
-56.7%
$265
El Monte
91732
15
$351
28.6%
12
$323
5.7%
$287
El Monte - South
91733
6
$275
-3.5%
2
$248
n/a
$238
Glendora
91740
24
$361
15.5%
4
$254
-23.2%
$278
Glendora
91741
17
$460
24.8%
3
$335
1.5%
$304
La Ca単ada Flintridge
91011
20
$1,052
-17.5%
1
$740
n/a
$487
La Verne
91750
22
$435
16.9%
3
$313
69.8%
$266
Monrovia
91016
28
$441
-15.2%
11
$348
7.2%
$380
Pasadena
91101
n/a
n/a
n/a
10
$445
21.8%
n/a
Pasadena
91103
21
$407
-8.5%
5
$480
-2.0%
$360
Pasadena
91104
30
$585
31.2%
n/a
n/a
n/a
$419
Pasadena
91105
15
$1,150
47.4%
10
$603
13.6%
$500
Pasadena
91106
14
$1,595
20.4%
15
$440
25.7%
$611
Pasadena
91107
39
$761
12.9%
7
$538
6.5%
$452
Rosemead
91770
16
$450
20.0%
4
$328
11.6%
$295
San Gabriel
91775
20
$612
11.6%
n/a
n/a
n/a
$411
San Gabriel
91776
9
$488
0.0%
10
$370
46.2%
$456
San Marino
91108
20
$1,865
17.1%
n/a
n/a
n/a
$665
Sierra Madre
91024
7
$998
56.5%
2
$649
1.7%
$449
Temple City
91780
29
$636
28.4%
7
$559
54.4%
$446
Source: DQNews.com
June 2013
AAR New Members The Arcadia Association of REALTORS® would like to formally welcome our newest REALTOR® members!
AAR new members with Membership Committee Vice-Chairman, Cindy Shiao; Committee Chairman, Alma Aguilar and AAR 2013 President, Andy Bencosme are (in no particular order): Arthur Ascencio, TNG Real Estate Consultants; Tin-Jon Syiau, RAC Development Inc.; Shu-Hui Ballard, Long Dragon Realty; Yi-Chun Lee, Kingston Realty; Eric Chang, IRN Realty; Andrew Chen, Andrew Chen Brokerage; Lynn Worley, Coldwell Banker George; Esther Cheng, Coldwell Banker George; Jenny Dang, Keller Williams West Foothills; Shu Chueh, Re/Max Omega; Irene Wang, Coldwell Banker George; Alan Lu, ALTC Realty; Julie Foong, Provenio Realty and Investment; Katherine Collins, Art Del Rey Realty Inc.; Stephanie Lin, Re/Max Omega; Thomas Theung, Coldwell Banker New Century; MenRan Wu, RE/MAX 6000 Realty; Connie Tung, Coldwell Banker New Century; Peter Wu, Coldwell Banker Dynasty Temple City; Zhong Chen, Highland Real Estate; Mui Lo, Keystar Realty; Dan Zhou, Coldwell Banker George; Hainv Wei, Re/Max Omega; Efrain Padilla, Keller Williams West Foothills; Lucy Gao, Long Dragon Realty; Radlam Thai, Radlam Thai Brokerage; Lloyd Truong, Keller Williams West Foothills; Nathan Lee, Coldwell Banker George; Ningke Yang, Castlewood Corporation; Triet Pham, Dilbeck Real Estate; Vincente Pena, Keller Williams West Foothills; Shaohua Hu, Highland Real Estate; Kaley Schiltz, Coldwell Banker Arcadia; Kartik Subraniam, ADHI Real Estate Incorporated; Jeffrey Maddock, Dileck Real Estate and Harout Keuroghlian, John Hart Real Estate.
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(626) 831-8862 www.morrisoninspects.com Arcadia REALTOR® Magazine
7
Bingo, Burgers (& Beer) Night Raises $3,300+ for Charity! Recently, the Arcadia Association of REALTORS® Events 4 Charity Auxiliary held the Annual Charity Bingo Night at the Arcadia Community Center. This years’ event was fantastic with great food, great fun and lots of entertainment. In addition to all of the excitement, the event accomplished its goal of raising money for local charities. All in all, more than $3,300+ was raised to distribute to various charities that our Events 4 Charity Auxiliary supports. Thank you to the Events 4 Charity Auxiliary and all of their hard work. A special thank you to event Chairman, Nikki Felix, Wells Fargo, for all the time spent to make this event a huge success! A special thank you to those who donated raffle and bingo prizes. They are (in no particular order):
• Michael Gonzales, Dilbeck REALTORS® • Ernie Betos, Evolve, Arcadia • Aryn Adams, Salon Vanity, Glendora • Margaret Garemore, Resolve It! Mediation, Pasadena • Helen Spencer, Pacific Advisors, Pasadena • Bean Town, Sierra Madre • John Thompson and Kal Antoun, First Priority Financial, Arcadia • Sandi Franco and Maria Howard, First American Home Warranty and NHD • Michael and Robin Allen • Andy Akitomo, Pacific Coast Title • Andrew and Analia Cooper • Stephanie Parker, Century 21 Ludecke • David Scarminach, Dilbeck Real Estate • Stephanie LaPorte, Old Republic Home Warranty • Sandy Hakim, Bank of America, Pasadena • Jason Landes, Bank of America, Monrovia
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June 2013
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Chicken King, Monrovia We Are Industry Hair Salon, Monrovia Andy Bencosme, Century 21 Village, Sierra Madre Duane Morrison, Morrison Home Inspections Lois Brand Billings, Coldwell Banker Dynasty, Arcadia Design Escrow, Arcadia Michael Ferlisi, Dilbeck Real Estate Stephanie Jordan, National Notary Association Julie Muttavangkul, Dilbeck Real Estate, Arcadia Mark and Sylvia Ramos, Dilbeck Real Estate, Arcadia Alex Velasco, Velasco Interpreting Ryan Asao, Podley Properties, Monrovia April Kass and Carrie Crest, LaRocca Inspection Associates, Burbank Arcadia Association of REALTORS® Family Dog and Cat Hospital, Monrovia Nikki Felix, Wells Fargo Home Mortgage Alma Smith, Alma Smith REALTOR® Scott Shimamoto, Franklin Loan Center Robert Thurman, California Gold Coast Inpspections Vanessa Terizian, The Law Offices of V. Terizian Margaret Gandy, Dilbeck Real Estate Janet Cerswell, Intervalley Escrow Jill Nelson, Dilbeck Real Estate, Arcadia Pam McSweeny, American Home Shield Home Warranty Jason Lee, Central Escrow Kelvin Wong, Resource Real Estate Services, Temple City Jeanne Keating, Century 21 Village, Sierra Madre DoubleTree Hotel, Monrovia-Pasadena Casa Del Rey, Sierra Madre Annie Wong, Dilbeck Real Estate Design Escrow, Arcadia
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Arcadia Association of REALTORS®
2013
Congratulations Expo Winners!
Big prizes, small prizes,23 door prizes and a grand prize were all present at the AAR 17th Annual BizN.E.T. 2013 Expo at the TUESDAY, APRIL beautiful Santa Anita Race Track! Congratulations to the Passport winners! The third prize of $50 went to Robert Lau, Coldwell Banker Dynasty. The second prize of $75 went to Paul Cassatt, Coldwell Banker Arcadia. The first prize of $100 went to Rose Herbst, Re/MaxExchange Elite Realty! Congratulations Lockbox @ BizN.E.T.also to Tracy Lee, Coldwell Banker Dynasty who took home the grand prize: an iPad mini! Congratulations to all the winners! Lau, not pictured in photos below) Exchange is Limited to AAR Members ONLY!
$75 gift card winner, Paul Cassatt.
$100 gift card winner, Rose Herbst.
Grand Prize Winner, Tracy Lee, happily accepts her new iPad mini from AAR Executive Vice President, Andrew Cooper.
“Introducing zipForm® Plus Beta”
You are invited to test the brand-new zipForm® Plus Beta interface! This beta release is a vital stage of product development. Try out the new zipForm® Plus Beta and provide product feedback before the tool is officially launched in its final version. Here are 10 reasons to try zipForm® Plus Beta today: 1.Now Available to Test – Beginning May 1st, all members may access zipForm® Plus Beta. It is completely safe to use with real transactions, but keep in mind that you may encounter a few bugs in the beta format. 2. Java-Free – zipForm® Plus Beta is now free of third party plugins. 3. No Commitment - zipForm® Plus Beta uses an HTML5 user interface which allows users to toggle between it and zipForm® 6 Professional (even for the same transaction).
4.Photo Customization – Assigned transaction photos assist in maintaining a visual reference throughout the creation process, and assigning photos to contacts improves user navigation of the address book. 5. Easy-to-Use Interface – C.A.R. has received consistent user feedback through a national user group that the zipForm® Plus Beta user interface is intuitive, modern and very easy to use. 6. Introductory Video – Get an overview of the new user interface, see the differences between zipForm®6 Professional
and zipForm® Plus Beta, learn how to move between the two options, and what to expect from the beta test program. 7.Training Webinars - Participate in a live webinar and ask questions of the instructor. The schedule may be found at http:// www.car.org/tools/zipForm6/ 8. Unified Transaction List –The zipVault® interface has been completely integrated with zipForm® Plus for a cohesive experience, and zipVault® users may now view stored files with transaction forms in one list. 9.Improved Search Tools – Transactions, contacts, and forms are all equipped with a search bar. The search function has been improved so as you type within the search bar, results will appear in real time. 10. Email Signatures – Customized email signatures are now available within the profile, and are included in each email sent from zipForm® Plus Beta. The Arcadia Association of REALTORS® will be offering training on this new beta system in the months to come. When it is scheduled, training will be posted on www.TheAAR.com under “Upcoming Events”. In the meantime, feel free to play around with zipForm® Plus Beta! To access zipForm® Plus Beta, log onto your zipForm® Professional online and there will be an icon at the top of your screen to toggle to the new zipForm® Plus Beta.
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through the lens
A Look at What’s Happening Around the AAR
AAR Paper Shredding Day
10
June 2013
STATS: 22,360 lbs of shred 850 lbs of cardboard 853 boxes shredded
Affiliate Corner
“When the Worst Happens: Trust Administration and the Duties of the Trustee” By Romy Rahmanian, Attorney at Law
It is not a pleasant thought: A loved one has passed away and named you as trustee of their living trust. This effectively puts you in charge of managing your loved one’s assets, paying their debts and taxes and dealing with their beneficiaries who may have their own agendas. The truth is, even the best estate plan will require some administration after death. In fact, proper trust administration after death is as important, if not more important, than the creation of the trust itself. The average person has had little experience dealing with trusts and often has many questions upon becoming a trustee for the first time. Without proper guidance, many small details can derail the proper distribution of the trust assets and land the trustee in legal hot water. However, with quality advice and legal representation, the experience of being a trustee can be a rewarding one. First, a quick recap: A trust is a legal document that spells out rules that you want followed regarding your property. In simple terms, think of a trust as a box with a set of instructions written on the side. Your assets (such as your home, bank accounts and stocks) are placed into the trust, administered for your benefit during your lifetime, and then transferred to your beneficiaries when you pass away. Upon your death the box is passed to your hand-picked successor trustee, who then administers (manages) the trust property in your place. Administration of trust assets is not automatic and a trustee has many important duties and responsibilities imposed by California law. Some examples: a trustee has the duty to deal impartially with beneficiaries, the duty to invest trust assets prudently and make them productive and the duty not to comingle personal assets with trust assets. The difficulty or ease of administering a trust depends on many factors, such as the type of assets held by the trust, the trust’s directions regarding how to distribute assets and the sophistication of the trustee. The steps below, though very general, should give you an idea of what’s involved: Step 1: Acceptance of Trusteeship and Sending Notices. Once a trustee has accepted their role, he or she must send
notices to all of the beneficiaries advising them that the postdeath administration period has commenced and informing them that, by law, beneficiaries have 120 days from the date of notice to contest the trust in court or 60 days from the day they received a copy of the terms of the trust, whichever is later. Other notices may be required, depending on whether the decedent was receiving any public benefits during their life. Step 2: Collecting Trust Assets and Paying the Debts and Taxes of Decedent. Once all of the proper notices have been sent out, the trustee must generate an inventory of all trust assets (such as real estate, bank accounts and investment accounts) and have title to those assets legally transferred into the name of the trustee, as trustee of the trust. Once the trust assets are secure, the trustee must pay the decedent’s valid debts and satisfy any tax liabilities owed. Taxes can be especially tricky since there may be estate taxes owed in addition to income taxes if the estate is large enough. Step 3: The Accounting and Distribution of Assets. Unless the trust waives this requirement, California law mandates that a trustee prepare and render an accounting of their actions during the administration of the trust. This means that the trustee must keep accurate records of all deposits, disbursements and other expenses associated with winding up the decedent’s affairs. After all of the assets have been collected, the debts paid, the tax returns filed and the tax liabilities satisfied, the accounting prepared and rendered (if required), the trustee may distribute the remaining trust assets. As with all other aspects of trust administration, the terms of the trust document will dictate how the trust assets are to be distributed among the trust beneficiaries. An experienced trusts and estates attorney can help simplify the trust administration process for you. Call the Law Office of Romy S. Rahmanian today for a free consultation. The Law Office of Romy S. Rahmanian is dedicated to providing high quality legal services in the areas of Estate Planning, Trust Administration and Probate. For more information, contact Romy at: (626) 869-8787 or romy@rahmanianlaw.com. Arcadia REALTOR® Magazine
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Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 (Continued from page 4)
athletes do in their respective professions. Visualize the sellers actually signing the RLA. See and feel the success. You will be pleasantly amazed at the result. Don’t take my word for it. Give it a try. You have nothing to lose (after all, no one can see your visions!) and everything to gain. It has been said throughout history that whatever you believe, with conviction, you can achieve. Henry Ford said, “Whether you think you can or you think you can’t you are probably right”. Let’s not be like the elephants and go through life being tethered because of a limiting belief you were given or developed years ago. Take charge of your business and live it and work it to the fullest. You really do deserve the best.
Andrew Cooper
Executive Vice-President
Dedicated to Providing High Quality Legal Services ®
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Romy S. Rahmanian, Attorney
(626) 869-8787 33 East Huntington Drive • Arcadia, CA 91006 romy@rahmanianlaw.com • www.RahmanianLaw.com
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C. Anthony Phillips, CPA President
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