Quote:
Originally Posted by Gordman30
The person at the bank when you originally did your purchase should have recognized your special and specific needs for a "Living Trust" that way you could have completed the original home purchase in the name of the "Trust" gone on with your travels hassle and worry free if anything should have happened to you or your co-trustee (spouse) then the trust would defer to your beneficiaries (daughter) then or whenever you need to apply for a loan or He loc, the property would have already been in the name of the trust with all three of you listed in the trust,
|
Hmmmm, let me guess, your line of work is setting up Trusts?
Looking back at this thread, I suspect I the OP was concealing assets for a reason. If not from creditors or courts, possibly, entitlement programs. Having the title in the name of a Living Trust doesn't hide the asset. Putting homes in Trusts create additional fees for borrowers, as either the Trust requires legal review by the lender or title must change, incurring additional recording. I've yet to have the person that recommends the Trust disclose this fact to these individuals, usually older adults on fixed incomes.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
