Legal Question in Wills and Trusts in California
My elderly parents have a living trust. They are being paid $400/month to pay off $200,000 that they loaned someone. How do they assure that it continues to be paid after they die?
1 Answer from Attorneys
Assuming that the loan has been assigned to the Trustee of their living trust, the successor Trustee (following their deaths) should be able to continue to receive the funds.
However, there should be a written assignment of the loan to the Trustee with notice to the debtor.
Also, I would first want to see the loan document itself prior to assigning rights to the Trustee.
Let me know if you want to talk about this.
Caleb
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