Family gatherings offer opportunity to discuss plans for your estate

ESTATE PLANNING

The holidays are a season of togetherness, a time when families gather to share food, laughter and cherished memories. While these moments often spark conversations about the past, they also present an ideal opportunity to look ahead. Talking about end-of-life plans, including the future of one’s unit and estate and GRF membership and stock certificates, can offer loved ones a sense of clarity, security and peace of mind about what lies ahead.

Leisure World Seal Beach is a stock cooperative, which means shareholders must name a trustee/non-resident co-owner to inherit their stock shares. A will is not sufficient documentation to assume ownership of a unit. If a legal authority is not named, the courts will have to determine who is the rightful owner of the shares through probate.

Who can take legal authority of a shareholder’s unit after they die?

To represent a Seal Beach Leisure World shareholder and handle the ownership or sale of a unit, individuals must first provide proper legal authority documentation to the GRF Stock Transfer Office.

During a shareholder’s lifetime, authorized representatives must present GRF and Mutual ownership certificates along with one of the following: a notarized power of attorney, trust documents naming them as trustee, or a certified court-ordered conservatorship, or proof of being the non-resident co-owner on title.

After a shareholder’s death, representatives must provide GRF and Mutual certificates, a certified death certificate, trust documents showing successor trustee status, or a court appointment naming them executor. Wills alone are not valid authorization.

All representatives must provide identification, including a driver’s license, forwarding address, and current contact information.

Do you know the procedure when a sole shareholder dies in the unit without naming a person or entity with legal authority over the unit?

Any family, friends or caregivers who are present at the time of death must call 911 and the GRF Security Department

Discussing plans for the future can give loved ones a sense of clarity, security and peace of mind about what lies ahead.

at 562-594-4474 when a shareholder dies.

All those present must be prepared to leave when the deceased is removed from the unit. The unit will then be secured by Security until legal authority for the unit with the Stock Transfer Department is established.

Legal authority is established when a trustee personally delivers to the Stock Transfer Office the following documentation (as soon as possible): 1. Stock and Membership Certificates (GRF and your Mutual do not have copies of your certificates).

2. Copy of the living trust. 3. Death certificate. 4. Leisure World/GRF identification card of the deceased.

5. Proof of being the non-resident co-owner.

The GRF Trust attorney will review the trust (the current attorney review fee is $150, subject to change without notice) and advise the Stock Transfer Department of approval or denial of access to the unit. Note that the attorney review process cannot be completed prior to a shareholder’s death.

How can you make a very difficult time a little easier on your family?

Meet with an attorney to establish a trust. In California, you must have a trust to establish legal authority—a will is not recognized by the court. If there is no trust, the unit will go through the State of California probate process, which can take up to a year or more to determine who receives the deceased’s assets. Make sure that your trustee(s) have a copy of the trust in their possession now, so there will be no confusion during that difficult time.

As soon as approval is received, the knoblock is removed from the front door and the authorized individual may have full access to the unit. This usually attorney review process and approval usually takes only a few business days.

Let your family know of this policy so they will be prepared to vacate the unit for home or other accommodations.

The Stock Transfer Office cannot give legal advice or discuss particular aspects of a shareholder’s trust. Shareholders are advised to meet with their legal advisor prior to making any assignment to their trust.

Shareholders can get started with estate planning by pick - ing up a copy of the "Power of Attorney Heirs & Trustees Information Sheet," available in the Stock Transfer Office.