How do you and your partner have your home titled?
And how is your home listed in your will?
Same-sex couples only, please.
We each own a 50% share titled to our revocable trusts.
We call it "Manderly."
The title is in my name. If I pre-decease him, he inherits my entire estate, including the house.
I think we'll put the house into trust though. That way we can avoid probate.
Chance Cole Manor - our two first names combined.
Do you really need a trust like Suze Orman says? I haven't met a partner yet or have children. I just have a will that goes to my parents. After that I don't really care who gets what my siblings can just fight over things for all I care.
R6, you're fine without a trust. If you don't have a lot of assets or aren't trying to pass them to someone who needs them without letting them sit in probate for a bit, a trust isn't necessary.
Joint tenancy with right of survivorship.
I have a serious question.
My partner wants to refinance the house and put my name on it. I'm not sure I want this and I need be honest about it.
1) The house isn't that great and we're bascially trying to patch things up all the time. It's not my dream home.
2) I'm pretty sure the house is underwater.
3) I can't afford the house on my own, so if a catrastrophe happend, I woudl be stuck with this house, underwater and I couldn't afford the payments as is.
I have to ask the ver seirous practical question: What's the benefit of puttin my name on it?
Can't you get mortgage insurance r9
It's totally in my name. We keep all finances separate. No co-mingling of funds. What's mine is mine and what's his is his.
Can i leave in my will the option for my partner to buy my half of the house from my estate for $1?
[quote]I have to ask the ver seirous practical question: What's the benefit of puttin my name on it?
Be careful, that's a common practice when the borrower has credit problems and the mortgage company is looking for additional security.
He might not be able to get the loan on his own credit. You'll be on the hook for the whole balance if things go wrong.
As R8 said, the easiest way to do it in most states is for the couple to own the house as joint tenants with right of survivorship.
Upon the death of one of the co-owners, the deceased's interest in the property passes immediately and automatically to the surviving owner. It avoids probate.
That can be good or bad depending on the relationship, so think it over before you do it. For example, the deceased owner might want to leave some money to parents or relatives in their will. They still can, but not from the equity in the house, since that's no longer part of the estate.
It also requires equal ownership interest. In the case of two people, that would be 50/50. One owner couldn't have 75% and the other 25%. Probably not a problem unless one person put $100,000 of their savings into the property and the other didn't.
Both parties also need to acquire their ownership at the same time. If one partner owns a house, you can't just add the 2nd partner and make them a joint tenant (well you can, but you'll need a lawyer).
Kibbles and Bits. It's a summer cottage at the beach.
All of our property is jointly held. However, you better be in a very stable relationship or it could blow up in your face.