Posted on: 25th Jul, 2007 02:08 pm
If my wife puts her duplex in a trust and by the way, it still has a mortgage on it do the mortgage company have to be told?
If not what is the best kind of trust for my wife to use in this situation?
What we are trying to do is if something happens to her I would inherit the duplex as part of her estate.
If not what is the best kind of trust for my wife to use in this situation?
What we are trying to do is if something happens to her I would inherit the duplex as part of her estate.
Is it Ralph (ralphcollins). If you have asked this question then please go through the following page where you had asked a similar question previously and some community members have replied ( http://www.mortgagefit.com/propertytransfer/ownershipchange-loanrefinance.html ).
About your concerns regarding ownership of duplex if something happens to her, she can make a will to name you as the person to receive ownership. And right now if a living trust is formed she will have to inform the lender about it. So making a will seems like a more suitable option to choose instead of creating a living trust.
About your concerns regarding ownership of duplex if something happens to her, she can make a will to name you as the person to receive ownership. And right now if a living trust is formed she will have to inform the lender about it. So making a will seems like a more suitable option to choose instead of creating a living trust.
"If my wife puts her duplex in a trust and by the way, it still has a mortgage on it do the mortgage company have to be told? "
Yes as the house is kept as collateral for the mortgage you should inform them about it if you wish to put the duplex under the trust.
"What we are trying to do is if something happens to her I would inherit the duplex as part of her estate."
If something happens to your wife there is another option by which you will retain ownership of this duplex is to hold title as joint tenants. In joint tenancy after one of the joint tenants dies, property automatically gets transferred to the remaining joint tenants.
Yes as the house is kept as collateral for the mortgage you should inform them about it if you wish to put the duplex under the trust.
"What we are trying to do is if something happens to her I would inherit the duplex as part of her estate."
If something happens to your wife there is another option by which you will retain ownership of this duplex is to hold title as joint tenants. In joint tenancy after one of the joint tenants dies, property automatically gets transferred to the remaining joint tenants.