Q: My Dad just passed and left me a house in a trust. What is my next step to obtain the house in my name?
Do I pay the mortgage until it is in my name? Or is it covered by his trustee?
A: Sorry for your loss.
During life, most trusts are revocable, and there is no distinction between the revocable trust and the person, for tax purposes. After death, the trust becomes an irrevocable distinct entity, that will require a separate tax identity i.e. an EIN. The irrevocable trust pays tax under a different set of rules. Your Father will also have a final tax return.
You and/or an attorney should read the trust to understand its' requirements and procedures.
The mortgage, taxes, and insurance on the house should be paid on time.
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