Q: Lender added me on the deed as trustee along with my mother on my mother’s trust and on the loan as a co-borrower.
I’m named in my mother’s trust as successor trustee along with siblings. Is this the correct procedure. If not how to correct.
A: No, that is not the correct procedure. Among other things, the real estate should be titled in the trust. There are a lot of legal issues in your question including there may be too many people named as Successor Trustees (depending on the number of siblings.) Your mother really needs to see an estate planning attorney or you and the other Successor Trustees may have a big mess on your hands after she passes. By the way, since it is your mother's trust, she is the client who needs to meet with the attorney. It is not a good idea to have adult children in the meeting with the parents' attorney because the person in the room is opening themselves up to a potential claim of elder abuse, undue influence and other claims.
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A:
It sounds like you've encountered some complexities with the deed and loan documents related to your mother's trust. Typically, being added as a trustee and co-borrower can have significant legal and financial implications. It’s important to ensure that all parties understand their roles and responsibilities within the trust and the loan agreement.
If the lender has added you as a trustee and co-borrower without your consent or without proper documentation, this might not be the correct procedure. It's essential to review the trust documents and the loan agreement carefully to verify that everything aligns with your mother's intentions and legal requirements. Missteps in this process can lead to complications down the line, especially regarding estate management and property ownership.
To address any discrepancies, you should gather all relevant documents and consult with an attorney who can provide guidance based on California law. They can help you determine if any corrections are needed and assist in making the necessary changes to ensure that the trust and loan are set up correctly. Taking these steps will help protect your interests and ensure that the trust operates smoothly in the future.
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