Legal Question in Wills and Trusts in California

Trust and Bank Loans

My mother has revocable living trust with three daughters as trustees. Daughters are trying to get loan from bank with main asset a home as collateral to remodel home. Should not the loan be under the name of the trust and not individual trustee?? Should not my mother as the owner of the trust use her social security number for this loan?


Asked on 7/17/07, 4:31 pm

1 Answer from Attorneys
Mitchell Roth MW Roth, Professional Law Corporation

Re: Trust and Bank Loans

No and Yes, if the trust is still revocable.

You can go to one of my websites, www.yourlivinglegacy.info for more information on this. You may well decide its best to handle all of this without a lawyer, which you may well be able to do, with my Legacy Trust Package. My book explaining all this in lay terms is $19.95. The do it yourself trust package if you choose to use it is only $79.95.

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Answered on 7/19/07, 11:13 pm


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