Legal Question in Wills and Trusts in Georgia

My mom passed away, left me 2 properties in a living trust, one that is upside down, the other one is paid in full, can I keep the property that is paid in full and surrender the one that is upside down?


Asked on 11/27/12, 1:44 pm

1 Answer from Attorneys

If the properties are in a living trust, who is the trustee? You? If one property is "upside down" as you say, by how much? Will the lender accept a deed-in-lieu of foreclosure? Are they going to come after the trust for any deficiency?

What other assets does the trust own? Has an estate been probated for your mother? Who is the personal representative? Is it the same as the trustee? If you are the trustee/personal representative, before you do anything, you need to speak with a probate attorney who practices in the county/state where your mother lived prior to her death. If the trust was set up in another state, then you may also need to consult with a trust lawyer in that state if need be.

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Answered on 11/27/12, 5:01 pm


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