What does it mean when you put your home or property in trust, such as XXXXX XXXXX trust. and what happens to the home or property when the person passes away. What happens if there are any leans out against that home or property. and where does the next of kin fit into all this.
Country relating to Question: United States
State (if USA): California
A property held in trust passes to the named beneficiary/ies in the trust according to the trust distribution provisions made by the original creator of the trust (called the "settlor"). Any liens on the property remain valid. If the beneficiary/ies do not pay off the liens, then the lienholder can foreclose on the beneficiary/ies the same as they could have foreclosed on the original owner/settlor.Hope this helps. NOTICE: My goal here is to entertain while educating the public about the law. Your positive feedback to the website is appreciated. If you need to contact me again, please put my user id at the beginning of your question ("To Socrateaser"), and the system will send me an alert. Please Click the following link for IMPORTANT LEGAL INFORMATION. Thanks and best wishes!
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