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My husband put our home in an irrevocable trust for my son…

Customer Question
My husband put our...

My husband put our home in an irrevocable trust for my son and I. There is no mortgage on the home. He is now in federal prison. Would I be able to take out a line of credit on our home?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Miami Florida

Lawyer's Assistant: What documents or supporting evidence do you have?

I have the irrevocable trust. I also have a power of attorney that he signed.

Submitted: 3 months ago.Category: Estate Law
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Answered in 2 minutes by:
3/28/2018
Estate Lawyer: Barrister, Attorney replied 3 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,596
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Who is the trustee of the trust?

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thanks

Barrister

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Customer reply replied 3 months ago
My husband
Customer reply replied 3 months ago
I'm at work and cannot talk
Estate Lawyer: Barrister, Attorney replied 3 months ago

Ok, then since the trust would own the property now, the trustee is the only one who could sign any loan application to take out a loan and pledge the property as collateral. But any loan documents could be sent to him while he is incarcerated for him to complete and return to you to file though.

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.

thanks

Barrister

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Customer reply replied 3 months ago
He doesn't like any legal documents coming to the federal prison. For that reason, he gave me POA to sign all and any documents for him.
Estate Lawyer: Barrister, Attorney replied 3 months ago

You have a POA for him personally, presumably, not from him as the Trustee of the trust... They are two completely different entities legally.... him as an individual and him as the trustee..

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The trustee of the trust (i.e. him signing as trustee) would have to sign a POA granting you authority to act on behalf of the trust.

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But I don't know if a bank would accept that unless the trust specifically says he can transfer his authority as trustee to someone else..

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thanks

Barrister

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Customer reply replied 3 months ago
Okay thank you.
Estate Lawyer: Barrister, Attorney replied 3 months ago

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

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Thanks much

Barrister

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Customer reply replied 3 months ago
I sure will
Estate Lawyer: Barrister, Attorney replied 3 months ago

Much obliged.

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Have a great day!

Barrister

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