If a house is not owned free and clear, can it be put into a trust?
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If a house is not owned free and clear, can it be put into a trust?
My stepfather changed his Will/Trust. He’s giving his children asset money and giving his stepchildren his unpaid for house. We do not want to inherit his debt.
Asked on April 16, 2012 under Estate Planning, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, it can be placed in to the trust. Generally there are trust assets that pay the mortgage. Upon his death you would not necessarily inherit his debt. You would inherit the property and the right to do with it as you please, which means to rent it and continue to pay the mortgage or to sell it, pay off the mortgage and to keep the proceeds. Good luck.
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