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Can Assets in living Trust have a lien?

Posted on: 28th Nov, 2006 12:32 pm
Does the assets placed in a living trust have to free and clear of any liens?
Hi Kpr,

All assets which are to be owned by the living trust must be transferred currently into the living trust.

Real property deeds must be transferred into the name of the name of living trust. In case of transferring real property, the lien holders (mortgagees) should consent to the transfer. Likewise, all bank accounts must be reopened in the name of living trust, all partnership and stock interest must be transferred. Each of this transfer requires special documentation by the transfer agent.

Thanks
Posted on: 28th Nov, 2006 10:50 pm
Hi

I think generally assests should be clear from any lien before transferring to the living trust.

What helping_user has mentioned, that may be apllicable for real estate.

Thanks
Posted on: 28th Nov, 2006 10:52 pm
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