Q: What is the law around amending revocable trust, adding child to house title or deed?
He wants to add me to the house title or deed and give it to me through a trust. He owes @$20,000 in property taxes and $60,000 on the mortgage. I believe he has a revocable trust now that needs only to be amended. However, we are unsure about possible issues that may arise due to the deferred taxes, or possibly my inability to be approved to be put on the title or the loan. He filed for bankruptcy in 2016 I think, but the house was able to be saved. we just wanted to know how all of those things may cause problems for us in the event that he passes away. Thanks for your time and advice on this issue.
A: I recommend that your father return to his estate planning attorney to discuss the pros and cons of adding someone to the title of his house. With few exceptions, at his death the mortgage will very likely need to be paid off and the property taxes will need to be paid. If the mortgage company does not allow you to assume the mortgage or you are unable to refinance the loan then the house may need to be sold (unless there are other assets to pay these debts).
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