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Why is a PCOR or COS required if property is held in a trust, and the owner(s) of the trust dies?

April 26, 2017COS held PCOR Property Trust

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Why is a PCOR or COS required if property is held in a trust, and the owner(s) of the trust dies?

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A change of ownership occurs as of the date of death. Even though the property remains in the trust, the beneficial interest has transferred from the owner (decedent) to the beneficiary of the trust. A PCOR or COS is required.