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Assigning note and deed of trust to a trust

Posted by John B. Palley on Tuesday, August 14th, 2012 in Estate Planning, Heggstad Petitions
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I am working on a case right now which reminds one of the importance of fully funding your trust. The decedent was owed money (i.e. a promissory note) but failed to transfer that to their trust. They died.  After death the people stopped making payments on the note. The family wants to foreclose but guess what?  They need to go to probate Court to get that power.  The problem is since the note and deed of trust are not in the trust the surviving family members, the successor trustees, do not have the legal authority to initiate foreclosure.  It’s possible that a Heggstad petition will work and it’s possible a full probate will be required. In any event it’s a great reminder about the need to FUND YOUR TRUST FULLY!

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