I'm handling the estate of a sibling who died unexpectedly. They were the sole owner of a house with a mortgage. The will states that all assets will move into a trust. The only beneficiary of the trust is my niece who is a young adult (over 18).
The mortgage on the house has a great interest rate. My niece doesn't want to sell the house, she would prefer that the house stay in the trust for now and that the trust (me=trustee) would handle renting it.
Does anyone know what will happen when I call the mortgage company to inform them of the death? (I have all the right legal paperwork.) Will they transfer the current mortgage to to the trust as long as the trust keeps paying the bill? The only other assets that will be in the trust are a 401k and a Roth.
The estate lawyer thought the mortgage would transfer but they weren't sure. I know I just need to call them and find out, but I want to be prepared.
Submitted May 24, 2024 at 07:52PM by typewiseketo https://ift.tt/mXitPNY
