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We continue this month’s collection of unusual questions and scenarios about Living Trusts and Wills. This week’s question describes Deeds of Trusts when your property is in a trust.
Q: I have been asked to secure a loan I’m taking with a Deed of Trust on my property in Los Angeles. Your office has helped me drafting a living trust and putting my property into the trust.
Can I still do it, or shall I take the property out first? I’m a little hesitant to leave the property outside the trust while I pay off the loan…
A: Your living trust allows the trustee to take out a mortgage, refinance, etc. any property in the trust. So, since you are the trustee for your trust, you can encumber the property with the deed of trust. For curiosity’s sake, the document will read something like this: “This DEED OF TRUST, made this ______ day of _________ 2014, between JANE DOE as Trustee of the JANE DOE Trust dated ___________, herein called TRUSTOR, whose address is ________________________ and JOHN DOE, herein called TRUSTEE, and JOHN DOE, herein called BENEFICIARY…
The Document People is a network of independently owned stores that share a common purpose: helping customers represent themselves. We are looking forward to drafting your Living Trust and estate planning documents. We serve Woodland Hills, Encino, The San Fernando Valley, Torrance, Orange County and San Diego County.
The information contained in this blog – including information of a legal nature – is provided for informational purposes only, and should not be construed as legal advice on any subject matter.