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    rsr2108's Avatar
    rsr2108 Posts: 9, Reputation: 1
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    #1

    Mar 18, 2011, 04:31 PM
    Is a living trust needed for this situation
    We pay mortgage and insurance for elderly parents with arrangement that they live in house and when the both pass house goes to us. The whole family is aware of this arrangement but we all would like to have something in writing. We were told that a living trust would work but we are unsure because the house still has loan against it with bank and is not owed by parents free and clear. What would we need to have in writing in this situation?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Mar 19, 2011, 05:24 AM

    Hello r:

    You're right. The owner of the house won't let you put it in a trust. I don't know exactly WHAT document you need, but a lawyer would know, and he'd be able to draw it up too. It would be a GOOD couple hundred dollar investment.

    excon
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Mar 19, 2011, 08:06 AM
    Quote Originally Posted by excon View Post
    ... You're right. The owner of the house won't let you put it in a trust. ...
    You mean the bank? The elderly parents are the owners, the bank has a mortgage.

    First, your attorney should review the mortgage to see what the owners have a right to do. If whatever is to be done requires bank approval, they should seek that approval.
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