QUESTION
If I am the trustee and executor of estate, can I take out a mortgage?
Asked on Jun 15th, 2015 on Estate Planning - Illinois
More details to this question:
I have a customer that is the trustee and executor of her late grandmother's estate. The grandmother's house is lien free and my customer wants to take out a mortgage for approx. 30K to do some home improvements. She does not live in the property.
1 ANSWER
That is more properly a question for your underwriters, not this forum. Legally, it depends on the legal status of the executor or administrator. The will may give the executor the power to do so. The trust may do so too. But the owner of the property can not be both - it is either the trustee or the executor.
Answered on Jun 17th, 2015 at 6:28 AM