Posted on: 06th Mar, 2012 04:10 pm
OK here is one for the books i believe, My mother in law is wanting to have a living trust and leave the house and all her assets to myself and my husband, my husband i have been paying to Mortgage on the house every month for the past 10 years, with no problems we also pay the phone bill and electricity, my mother in law is on social security and has been for the past 12 years. She has gone through the trouble of putting us on the Grant Deed and also home steading. Is that ok?, Now she is wanting a living trust so if any thing happens we get the house and just continue the mortgage. Can you help me understand this. I myself am not from the US, i am from Australia and some of the law there are different to here.
Thank you
Susan
Thank you
Susan
hi ssimms,
you will be considered the owner of the property if your name is on the grant deed irrespective of whether or not there is a living trust. as far as the mortgage is concerned, unless you and your husband refinance it in your names, you won't be liable for it. if the property is in your name, then the lender will want you to refinance the mortgage in your names.
thanks
you will be considered the owner of the property if your name is on the grant deed irrespective of whether or not there is a living trust. as far as the mortgage is concerned, unless you and your husband refinance it in your names, you won't be liable for it. if the property is in your name, then the lender will want you to refinance the mortgage in your names.
thanks
First you must confirm that your trust meets the legal requirements in your state for holding title to real estate and that the trust has adequate provisions for the eventual disposition of the real estate. It must give the trustee the power to convey.
:idea:
:idea:
