[WSBAPT] Can trust deed lender reach non-probate assets?

[Paul Neumiller]

Did the PR send a Notice to Creditors to the lender or has two years run since death of the deceased?

 

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Teunis J. Wyers
Sent: Tuesday, November 10, 2015 3:07 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Can trust deed lender reach non-probate assets?

 

I have a probate which is ready to close, but for a trust deed foreclosure on the decedent's residence. The property is substantially "upside down"; it has a bad well, so is not marketable. The PR wants to abandon the property and let the bank take it.  It is vacant. The PR is the decedent's only sibling, is the sole beneficiary under the will, and received a substantial non-probate bank account held as JTWROS with the decedent.

My spin on this is that since the lender cannot obtain a deficiency judgment under the trust deed statutes, the non-probate asset (bank account) is not exposed. Am I on the right track here?


 

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Teunis J. Wyers @ Wyers|Wyers, Attorneys

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