Legal Question in Wills and Trusts in Virginia
leaving a home in a trust
I want to leave my home, which I have a mortgage on, in a living trust to a relative who does not have the best of credit. Can this be done And would they just assume my payments til paid and then becomes theirs? Thank you.
Asked on 5/02/09, 11:38 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: leaving a home in a trust
Yes, you could establish such a revocable trust with yourself or someone else(or entity)as trustee,
with the home as the trust asset and this relative without sterling credit as the beneficiary of the trust. And, yes, upon your demise, title would pass to this relative along with any encumbrances, including the mortgage, which s/he could be responsible for continuing to pay under terms specified in the trust.
Answered on 5/03/09, 3:13 pm
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