Can One Move An Asset With A Lien Attached To It - Into The Trust
Typically an asset with a lien cannot be moved into a trust unless the trust will continue making payments on the loan. Both a vehicle and home can be sold with liens attached to the asset.
NOTE: A mortgage is not a lien, no lien is placed until a foreclosure proceeding has completed. A lien is a court-ordered claim against an individual recorded in the Public Records. A mortgage is a loan that has been secured by real estate. Typically a mortgage gives the lender the right to seize and sell your home if you default on the mortgage payments. A mortgage can become a lien if the mortgagor goes into default, but otherwise a mortgage is not technically a lien.
Related Articles
What If The Debtor Dies Before One Can Collect On A Judgment Lien
If the judgement debtor dies before one can collect on a judgment, the judgment is typically considered ‘uncollectable’ except in cases where the debtor had considerable assets and the judgment is more than a $5,000, then one may want to try ...
State Requires UCC-1 Filing to List All Fixed / Attached Property on The Real Property
Some states, like California, require a fixture filing for all UCC-1 filings, meaning one has to list everything that is “fixed” or "attached" to the real estate property like: home, dishwasher, windows, etc. The way to blanket all these objects is ...
How To Move or Change The Trust Address / Situs
The initial address is created when the trust indenture is notarized. There are powers to move the trust situs as needed. To move the trust situs, make a note in the trust minutes. This officially changes the location.
Can A Trust Have Just One Beneficiary
Yes, a trust can have one beneficiary. But if just a single beneficiary, it cannot be anyone who is administrating the trust.
Is A Trust Necessary When One Has No Significant Assets
Yes, one can start a trust with virtually nothing and still use it to protect a car, any money, any property (physical or digital), even the shirt on one's back!