Q: We bought real property from our Father.
The (down payment) proceeds we're transferred into a living trust but a promissory note for the balance was not transferred into the living trust before our Fathe passed. This promissory note was held by our Father alone (did not include his surviving spouse) and represents a lean on our real property. So, given that our Father has passed, how do we clear the lean once the promissory note is paid off? Do options other than probate (to transfer note into living trust) exist?
[By the way, promissory note payments are being deposited directly into a living trust investment account.]
A: It's possible that your father assigned his interest in the promissory note to his Trust before he died. If not then it's too late to transfer it into the Trust - the balance of the promissory note will need to be probated. I recommend you consult with a probate attorney who can look at your specific facts and advise you.
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