What is the name of your state (only U.S. law)? Utah
I tried to search the forums for the answer, but couldn't find anything in which the house is in a trust, so here is my question. My father just passed away with about $25,000 in credit card debt and about the same in medical bills. He had a living trust setup and recently quitdeeded his house to the trust. There are no other assets in the trust besides about $2000 in household items (furniture, computer, etc.). The house is worth about $300,000 but still has a $180,000 mortgage. My sister is still living in the house, and I am wondering if I need to sell the house to pay his debts. We are not going through probate because the only other asset he has that is not in the trust is a checking account with $400 in it. If I do not have to sell the house, what do I do about the debts?What is the name of your state (only U.S. law)?
I tried to search the forums for the answer, but couldn't find anything in which the house is in a trust, so here is my question. My father just passed away with about $25,000 in credit card debt and about the same in medical bills. He had a living trust setup and recently quitdeeded his house to the trust. There are no other assets in the trust besides about $2000 in household items (furniture, computer, etc.). The house is worth about $300,000 but still has a $180,000 mortgage. My sister is still living in the house, and I am wondering if I need to sell the house to pay his debts. We are not going through probate because the only other asset he has that is not in the trust is a checking account with $400 in it. If I do not have to sell the house, what do I do about the debts?What is the name of your state (only U.S. law)?