How do payments on property in a trust work?
June 1, 2014 7:07 PM Subscribe
Father left his stuff to me in a trust. Not sure what that means, and need an answer to the most basic of questions.
posted by ratherbethedevil to Law & Government (4 answers total)
Over a year ago my father died and left everything he owned to my sister and me. Included was several properties he still owed on. I was of course a little out of it after his death, but in a meeting with an attorney I could swear I was told that we could continue to make payments for these properties through the trust.
Fast forward to now: there was a problem with a payment for land he owned that is in the trust. It wasn't the correct amount and, after being cashed, I was sent a check for the amount. But it was in my fathers name (I live in his old house).
When I explained the problem, that I can't cash the check because it was my checking account and the check was written to my deceased father, they said no problem. Just to send them a copy of the check and they would write a new one to me. However they added that I also needed to transfer the land to my name.
I haven't written them back yet, and I don't think (obviously) they know about the trust.
You are not my attorney and I will be talking to my attorney later this week. I'm just curious if I should be able to make land payments while keeping the land in the trust. Or, will I need to immediately put the land in my name.
Any info on just the basics of this would be greatly appreciated.