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Living Trusts FAQs

Can I include property in my trust if I still owe money on it?

Yes. The most common example of such property is a house with an attached mortgage. Your beneficiary becomes responsible for the debt (i.e., the mortgage) when he or she receives the property. If you want your trust to pay the balance of a mortgage or other debt on an asset before that property is distributed to a beneficiary, you should talk with an attorney.