Real Property In California: It will be necessary to and record a new deed in order to transfer title of real property to your trust. It is also necessary to submit an initial Change of Ownership Report with the deed notifying the local county assessor as as to whether the property is subject to reassessment. A transfer to be able to revocable living trust is exempt from reassessment. When deciding between the Living Trust vs Will, the living trust is a better option for most but many people ...