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My aunt created a living trust. She is the Trustee, her daughters…

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My aunt created a living...
My aunt created a living trust. She is the Trustee, her daughters are the beneficiaries. She wants to refinance the house (it is part of the Trust). Is there some rule that would prevent her from refinancing the house that is in the living trust? The Trustee and the estate is in Georgia.
Submitted: 8 years ago.Category: Estate Law
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Answered in 1 minute by:
6/28/2010
Estate Lawyer: Daniel Solutions, Attorney replied 8 years ago
Daniel Solutions
Category: Estate Law
Satisfied Customers: 9,934
Experience: Practicing Attorney for over 20 years and College Professor for over 10 years
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Yes. If the trust is a revocable trust then your aunt can refinance without any problem. However, if the trust is an irrevocable trust, then she must obtain the written consent of all the named beneficiaries of the trust in order for the lender to allow the house to be refinanced.
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Customer reply replied 8 years ago
Does it change her control of the property, If she decides to put the property in her name, refinance it, and then put it back in the Trust? Provided nothing changes (other than her interest rate) when it goes back into the trust?
Estate Lawyer: Daniel Solutions, Attorney replied 8 years ago
The control changes only to the extent she makes the change. When you alter title to property you change control of the property based upon what alterations you make to the title of the property. The lender will have a lien on the property and anyone she names as beneficiary on the trust has control too, so it depends on what changes in title if any are made.
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