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Guest
(West Virginia)
How does a living trust work? In my grandmother's will, I am supposed to get the house and all property in the house. That is of course if all debts are paid. There are approximately $10,000 worth of debts. (Credit cards, and 1 bank loan) The loan is against the house with around $1,500 owed on it. The house is appraised at $50,000. Can we go ahead with puttting the house in my name now, with her retaining lifetime rights? Wouldn't this keep the house out of probate and it can't be touched by a contested will or auction of property?
If we can do this, what happens to the debts if not all of them can be paid with the remaining estate?
How does a living trust work? In my grandmother's will, I am supposed to get the house and all property in the house. That is of course if all debts are paid. There are approximately $10,000 worth of debts. (Credit cards, and 1 bank loan) The loan is against the house with around $1,500 owed on it. The house is appraised at $50,000. Can we go ahead with puttting the house in my name now, with her retaining lifetime rights? Wouldn't this keep the house out of probate and it can't be touched by a contested will or auction of property?
If we can do this, what happens to the debts if not all of them can be paid with the remaining estate?