In the Event of Death

[cmcovey]

What is the name of your state? NY

My fiance and I would like to know what kind of paper work has to be filed to have my name on the house that he is now purchasing in case he passes away. He still has a few more years to pay on the house but if something happens to him before the house is paid for, he wants to make sure that I will be allowed to take over the payments and not be thrown out.

Thank you.

CM Covey

[nextwife]

Originally Posted by cmcovey

What is the name of your state? NY

My fiance and I would like to know what kind of paper work has to be filed to have my name on the house that he is now purchasing in case he passes away. He still has a few more years to pay on the house but if something happens to him before the house is paid for, he wants to make sure that I will be allowed to take over the payments and not be thrown out.

Thank you.

CM Covey

He can give it to you in a properly drafted will, and you can buy life insurance on him that will pay off the mortgage. After you are married, he could then put you on the deed. But you need not be on the deed to be left the house.

[Ohiogal]

Originally Posted by nextwife

He can give it to you in a properly drafted will, and you can buy life insurance on him that will pay off the mortgage. After you are married, he could then put you on the deed. But you need not be on the deed to be left the house.

I am not sure about NY but in some states there is such a beast as a Transfer on Death deed which gives NO current interest in the property but immediately conveys the property ownership upon the death of the owner to whoever they have named on the deed. And yes i am too dang lazy to check on NY right now.

[nextwife]

Originally Posted by Ohiogal

I am not sure about NY but in some states there is such a beast as a Transfer on Death deed which gives NO current interest in the property but immediately conveys the property ownership upon the death of the owner to whoever they have named on the deed. And yes i am too dang lazy to check on NY right now.

If I were engaged, I'd be reticent to OBLIGATE myself to give my house at death, unless the deed is rescindable. A will at least gives the owner the OPTION of cganging death recipient in the future, if, say, GF dumps him and runs off with her personal trainer!

With a will, it still remains his OPTION to give or not give the house to a given individual.

[Ohiogal]

Originally Posted by nextwife

If I were engaged, I'd be reticent to OBLIGATE myself to give my house at death, unless the deed is rescindable. A will at least gives the owner the OPTION of cganging death recipient in the future, if, say, GF dumps him and runs off with her personal trainer!

With a will, it still remains his OPTION to give or not give the house to a given individual.

In Ohio for one the TOD deed is rescindable. The beneficiary has NO interest and the owner of the house can change the deed at any time provided they pay the recording fees and what not. Again I dont know about NY but the TOD has one benefit -- the house would pass out of probate at the time of death.