Posts Tagged ‘revocable living trust’
Beneficiary Deed Can Only be Used by a Natural Person
Question: My mother is the trustee of her revocable living trust (“RLT”), with me as the sole beneficiary. The only asset in the RLT is my mother’s Sun City home. My mother wants to simplify things and record a beneficiary deed to me for her home, which beneficiary deed will not be effective until her…
Read MoreAfter Father Deeds Home to Mother, the Mortgage Lender Cannot Require Payment of Entire Mortgage
Question: Four years ago my mom and dad, who are in their 70s, bought a nice home in Wickenburg with a $420,000 mortgage. They recently separated for whatever reason, and my dad deeded the Wickenburg home to my mother. Although my mother is current on the mortgage payments, my mother is now worried that the…
Read MoreNo Need to Change Ownership Interest of Stocks & Bonds from Trust to CPWROS
Question: In a recent column you discussed the benefit of a husband and wife owning their home (or other real property) as community property with right of survivorship (“CPWROS”), instead of owning their home as “husband and wife,” or “community property”. This benefit is that, if a home was owned as CPWROS, after the death…
Read More