Posted on: 24th Oct, 2011 09:37 am
my mother in law had a living trust on her property. The grandfather was on the trust. she lived on his property in one home, he had another. when she got sick she had refinanced her home with a living trust with the idea that if something happened he would get the property back. She has since passed away, the home has a mortgage and since the trust placed all the property in with the mortgage and back to the grandfather is he the one liable for any monies to the lender? We are very confused. He is 87 years old, with a mentally challenged son living with him and is in threat to being put off his land if he cannot pay the mortgage off. What are our options to help?
Hello gayle,
There are two types of trusts: inter-vivos (living) trusts and testamentary trusts. Testamentary trusts are trusts that are established through a last will and testament, whereas living trusts are created while the person is alive. The advantage of establishing a living trust is that assets do not have to go through probate, which can be costly and take a lot of time.
:idea:
There are two types of trusts: inter-vivos (living) trusts and testamentary trusts. Testamentary trusts are trusts that are established through a last will and testament, whereas living trusts are created while the person is alive. The advantage of establishing a living trust is that assets do not have to go through probate, which can be costly and take a lot of time.
:idea:
Hi gayle!
Welcome to forums!
If the grandfather's name is not mentioned on the mortgage docs, then he won't be liable for the mortgage payments to the lender. However, if he wishes to save the property, then he will have to make the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the grandfather's name is not mentioned on the mortgage docs, then he won't be liable for the mortgage payments to the lender. However, if he wishes to save the property, then he will have to make the mortgage payments.
Feel free to ask if you've further queries.
Sussane
