Legal Question in Family Law in Arizona
mother in law took house out of trust to add wife and my name to title and then put back in trust. does trust need to be updated for wife and i to keep house
Asked on 4/22/13, 6:31 pm
1 Answer from Attorneys
Joan Bundy
Joan Bundy Law
First of all, it is never a good idea to have a real estate property or any other asset in trust with both the grantor and their adult children. You would be jointly an severally liable on any mortgage, HELOC, lien or if she had any debts and lost the house or what have you. If she wants you to have the house when she dies, she could name you as beneficiaries in the trust and/or on the deed. Or she can transfer title inter vivos (while still alive) right now to get it out of her name (and out of the trust) and into your names. Best of luck!
Answered on 4/23/13, 4:50 pm