LAGUNA WOODS
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The board representing Leisure World’s co-operative units voted Tuesday to make it easier for co-op owners to transfer their property to beneficiaries after owners die or become disabled.
In a move aimed at avoiding long waits and costly lawyers, the United Laguna Hills Mutual board decided unanimously to allow owners to put their properties into living trusts.
“Now, after someone dies, their beneficiary just walks into an office and fills out an affidavit and the property is theirs,” said Morris Meadow, Leisure World’s business services manager.
President Clinton signed the Fairness in Trusts and Estate Planning Act on Oct. 20 to allow co-op owners to put their properties into living trusts.
Before then, it took at least six weeks of filing paperwork for the beneficiary of a co-op to take ownership of the property, Meadow said. The executor of the will often was required to hire attorneys and pay costs associated with the transfer.
About one-third of Leisure World’s 18,000 residents live in co-ops.
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