If I am assuming anRV loan for an elderly friend, what happens if he dies?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 13 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.