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Yes.
We own the house my brother and me and I would to know if you can borrow on it. Thank You
you'd need to get a Loan against the house
An irrevocable trust cannot be added to the deed of a house. Once assets like a house are placed within an irrevocable trust, they are owned by the trust and not the individual, so they cannot be added to the individual's deed.
That would be a breach of their fiduciary duty. The property needs to be maintained.
The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
You can convey your property to a trust but the property will still be subject to the mortgage. You must check with your bank before making that change in title. Most banks require an immediate payment of the mortgage when there is a change in ownership. The bank may require that you refinance in the name of the trust.
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
In Missouri, you can file a Beneficiary Deed that automatically transfers ownership of real property upon the death of the owner. You can always just leave it in your last will or if you want to avoid probate, convey it to a trust and have the trust distribute the property to your children after your death. You can also convey the property to your children while you are still living. You should consult with an attorney who specializes in estate planning who can review your situation and explain your options.
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.