I need help on a Land Trust question!
My Wifes Father passed away a couple months ago and left a home worth about $550.00 to his wife who is having trouble her self.
She is creating a living will and wants to name certain sons and daughters to take over assets. She talked to her lender on the home and found she can't just sign the property over to the son/daughter of her choice without having them assume financing and if they can't, well you get the picture.
Is there a way a land trust or some other trust can be set up naming her as benificiary and one or all the sons/daughters as trustee's ?
I don't even know how to proceed but this whole thing is driving my wife crazy. it's almost like a feeding frenzzi with the bothers and sisters and the mother isn't even gone yet.
Any help would be great!!
P.S. She only owes 125k on the home and it has appraised at $550k 7 months ago.
Askasalesrep
steve@askasalesrep.com">steve@askasalesrep.com
Hey sales rep:
She should create a living trust:
With a living trust, you can leave detailed instructions for the future use, distribution, and management of assets throughout the heirs’ lifetime.
A living trust, created while you're alive, lets you control the distribution of your estate. You transfer ownership of your property and your assets into the trust.
You can serve as the trustee or you can select a person or an institution to be the trustee. If you're the trustee, you will have to name a successor trustee to distribute the assets at your death.
With a will, however, assets normally are distributed to heirs within nine months. What happens to the assets after that is up to the new owner or the new owner’s legal guardian.
Hope this helps
Clif [ Edited by pbodys on Date 05/01/2003 ]