revocable living trust

oregon. revocable living trust that includes "monies secured by promissory notes" invested in a construction company; must those promissory notes be changed from the trustee's full name to the name of the living trust, i.e., "the jane doe irrevocable living trust" to be "officially" part of the living trust? also: if a company, an "s" corporation owes the estate of the deceased, are they liable to pay up upon execution of the estate assets? they would need to sell their home in order to do that since they have no liquid assets...?

Technically, the title to the notes does not have to be changed for the notes to be the property of the trust as long as they are clearly described in the trust; however, as a practical matter, it would make things less ambiguous and easier to administer later if the title were changed to “the Jane Doe irrevocable living trust.”

I don’t understand the last part of your message, particularly the part about execution of the estate assets. However, I can say that is a corporation owes money to the estate of a decedent, they corporation is liable to the estate for the money to the same extent the corporation would be liable to the person if the person were alive.

Ioka: Thank you for your response. Clarification of the second part of my question: If I were a corporation and I owed money to the estate of a deceased person, is my debt collectable/payable at the time of the death of the lender? Is there a standard period of time in which the debt must be paid to the estate?

You're welcome.

A corporation that owes money to a person, who dies, owes the money to the estate on the same terms as it owed the money to the person. If the debt was legally due at the time of death, it is immediately payable to the estate immediately after death.


However, in the proper circumstances, the estate may negotiate payment terms with the corporation. For example there could be a loan in which interest only is paid for a few years, then the balance is due in one or more payments, or a simple payment plan could be agreed to.

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Can you advise how I can post a question on this freeadvice Forum. I desperately need some help.

Thank you for taking a moment to respond

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