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Upon his death it was put from a revocable into an irrevocable trust with me and my stepson as co-trustees. The trust is named the Michael P. Rushing trust and it is the owner of the property. The loan is the original loan taken out in his name only. The original lender may not be aware of the trust. My husband's attorney told us not to tell them he had passed, since they might want to completely make a new mortgage with us as the borrowers, and this would not have been approved. The house has equity in it.
Yes, my stepson and I are co-beneficiaries (equally) of the trust. Also, the trust provides for the co-trustees (his son and I) to distribute trust assets to the beneficiaries.