What has to happen now is that the trust needs to be wound up. The trustee hands the accounts to accountants who will look over the trust to make sure all is in order, that the trust received rent, paid taxes etc and that therefore the trust is valid. There is a seven year lookback. Then their findings will go to the probate court because, if the trust is invalid, the house will fall back into the estate. That is why it is very important that you not pay the mortgage.
You will not be able to transfer the property into your name until everything is cleaned up. Expect that to take at least a year, could be as long as three years. If the co-beneficiary wants to give up a claim, he or she should simply write to the trustee and request this.
You need an estate attorney to help with the paperwork it is well worth a few hundred bucks to have all the transfers of title and possible probate questions answered now not later when you will be in trouble.
if you only own 50%, BOTH of your names have to go on the deed - why would anyone give up 50% equity in a house for nothing?
Trusts have trustees, not executors. They are different from wills. Who/what is the trustee and who is/are the beneficiaries of the trust?
Recently a family member passed away and we inherited her house 50/50 (she had her property in a trust and I was the executor) I'm paying the mortgage and I need to know how to go about putting it under my name (what office I would need to go to ,which paperwork, etc), since I can't purchase Homeowners Insurance until I put it in my name. Also if a person wants to give up their half of the property (to have it all under one name) what would be the way to go? I hope that question made sense, and Thank You in advance for your time.
