Q: If someone passes away and they are the ones on the trust then who own the home now?
A: Quite simply the trust and other documents must be reviewed to determine what will happen. It could be anyone. You may want to consult with an attorney concerning your situation.
A: The trust should say what happens to an asset if the beneficiary (the person who is going to inherit the asset) dies. Often, but not always, the trust will say the gift “lapses”, which means it essentially disappears as if it had not been contained in the trust in the first place. But, each trust is different so a lawyer would need to read the language in your trust before the lawyer could advise you on what happens in your particular situation.
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