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Have a house and only 1 child. He does not want the house if anything happens to me, as he lives in another state and it would be impossible for him to keep up paymt. until it sold. Can I put it in trust and give it back to bank upon my death and still allow son to have contents-as piano, tv, his books, etc. or would he lose all things in home too? I need to do something and would it be best to go to a lawyer and talk to one before trying to do it on my own? Would my son be responsible for any of my credit cards? I have no assets except a 1999 auto. and home furnishings.

3 Thoughts on Putting house in trust?
  1. Reply
    wizjp
    February 8, 2014 at 4:37 pm

    Why not mortgage insurance and pay the loan off; he’d have something when you died.

  2. Reply
    David Z
    February 8, 2014 at 5:09 pm

    Absolutely get lawyer help.

    all of your assets will be sold to pay off debts including piano. the house will be sold to pay off mortgage.

    you may want to give away some of your personal property before you die if you think your debts will be more than assets. otherwise these assets could be liquidated to pay creditors.

    if after selling assets you still owe to credit cards, etc.., your son will not have to pay. those are just losses the banks will have to take. your heirs do not have to pay your debts.

  3. Reply
    jlf
    February 8, 2014 at 5:21 pm

    Why in God’s name would you leave your house to the bank? If your heirs don’t want it, it can be sold as part of the probate process. See an estate attorney and get some informed advice.

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