If I am assuming anRV loan for an elderly friend, what happens if he dies?

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If I am assuming anRV loan for an elderly friend, what happens if he dies?

Can a living trust with just the RV in it protect me?

Asked on March 5, 2011 under Bankruptcy Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you assume the loan, you are responsible for paying it--period. It does not matter who owns the RV; whether the own is living or passes away; whether it's owned by an individual or held in a trust; etc. Assuming a loan means taking over responsibility for it. The only way to protect yourself might be by the RV owner putting a sum of money, enough to pay off the balance of the loan, in a trust fund to be used to pay off the loan when he passes. Or he could leave you the RV, in which case even though you'll have to pay for it, at least you get the RV. But as a general matter, assuming a loan makes one fully responsible for it, regardless of the disposition of the property which the loan is for or about.


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