Legal Question in Wills and Trusts in California

My elderly parents have a living trust. They are being paid $400/month to pay off $200,000 that they loaned someone. How do they assure that it continues to be paid after they die?


Asked on 10/31/09, 5:08 pm

1 Answer from Attorneys

Assuming that the loan has been assigned to the Trustee of their living trust, the successor Trustee (following their deaths) should be able to continue to receive the funds.

However, there should be a written assignment of the loan to the Trustee with notice to the debtor.

Also, I would first want to see the loan document itself prior to assigning rights to the Trustee.

Let me know if you want to talk about this.

Caleb

DISCLAIMER

This reply constitutes legal information for education purposes and does NOT constitute legal advice nor establish an attorney-client relationship. We will only represent you based on a written retainer agreement. Therefore, you should contact this office to discuss representation if you do want legal advice/representation.

Read more
Answered on 11/05/09, 5:43 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in California