Name on deed of house?

What is the name of your state? New Mexico

Hello.

My husband was given two houses by his father seven years ago.

One of the houses we rent, the other we have lived in for ten years. There are no house payments etc, as they were both fully paid off many years ago. We have spoken about putting my name on the deed of our house, but just haven't gotten around to it as of yet, which brings me to my question.

In the event that something happened to my husband, would I be able to retain our home or would I lose it/them?

If so, what should we do now to ensure that doesn't happen?

Is it as simple as him putting my name on the deeds or is there another way?

I appreciate your suggestions.

Ami

SweetSunflower said:

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In the event that something happened to my husband, would I be able to retain our home or would I lose it/them?

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You can't lose something you never owned. You have no claim on the homes except and unless your husband doesn't have a will, in which case you will stand to inherit under your state's intestate laws which would give you approximately 1/2 plue a child's share.

If so, what should we do now to ensure that doesn't happen?

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Joint Tenants with right of Survivorship

Is it as simple as him putting my name on the deeds or is there another way?

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see above.

I appreciate your suggestions.

Ami

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you're welcome

BelizeBreeze said:

You can't lose something you never owned... in which case you will stand to inherit under your state's intestate laws...

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Presently, neither one of have wills. We were discussing the subject last night when the question regarding the houses came to mind.

As we have four children who will someday inherit both houses, my primary concern is not necessarily being listed as one of the owners, but rather being able to continue to live here with our children in the event of my husband's passing.

Joint Tenants with right of Survivorship

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I understand this to mean that the house/property would pass to the spouse automatically, is that correct?. This is all new to me and somewhat confusing- I have another question or two, if you don't mind?

I have done a bit more reading and found mention that as New Mexico is a community property state , it carries no right of survivorship. I am having a hard time knowing where look in order to find the most accurate information. If you have the time and would kindly direct me in the right direction from where I could begin a search for more information, it would be greatly appreciated.

I found an online 'Transfer on Death Deed' form which is "used to tranfer the title of a parcel of land, attaching any existing covenants, upon the death of the Grantor to the Grantee" that the site suggestes having signed by a Notary Public. Is this sort of document commonly used in a situation such as the one I'm asking about?

I am beginning to realize that we should probably sit down with an estate attorney for our peace of mind.

Again, your suggestions are welcomed and appreciated.
Ami

SweetSunflower said:

Presently, neither one of have wills. We were discussing the subject last night when the question regarding the houses came to mind.

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Then don't you think this might be the time?

As we have four children who will someday inherit both houses, my primary concern is not necessarily being listed as one of the owners, but rather being able to continue to live here with our children in the event of my husband's passing.

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And what if your husband dies first without a will? then the state will decide how to divide his estate, which means that under intestate succession, if your name is not on the deed with rights of suvivorship, you retain only the wife's share plus a child's share and the children retain a child's share.

I understand this to mean that the house/property would pass to the spouse automatically, is that correct?.

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No, that is not correct. see above.

I have done a bit more reading and found mention that as New Mexico is a community property state , it carries no right of survivorship. I am having a hard time knowing where look in order to find the most accurate information. If you have the time and would kindly direct me in the right direction from where I could begin a search for more information, it would be greatly appreciated.

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This has nothing to do with estate and probate. It has to do with Real Estate law. If your name is added to the deed with 'rights of suvivorship' then either of you, if the other should die, retains sole ownership of the property.

I found an online 'Transfer on Death Deed' form which is "used to tranfer the title of a parcel of land, attaching any existing covenants, upon the death of the Grantor to the Grantee" that the site suggestes having signed by a Notary Public. Is this sort of document commonly used in a situation such as the one I'm asking about?

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I'll answer this way? Is it worth saving a couple of hundred dollars to take a chance and find out after one of you dies that this 'form' is not acceptable in NM courts?
An attorney will cost approx. $300 to $500 to prepare a deed as I have suggested and according to the laws in New Mexico. It's worth the peace of mind.

I am beginning to realize that we should probably sit down with an estate attorney for our peace of mind.

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Yep, good idea. And also a real estate attorney.

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BelizeBreeze-

The information you have graciously provided solidifies my concerns regarding this issue. And per your suggestion, I have made an appointment for my husband and I to meet with an estate attorney tomorrow afternoon.

I sincerely appreciate being able to go in with a bit more knoweldge as well as a better understanding as to what we are looking to achieve. You have been very kind to take the time to respond to my questions and I thank you very much for your help.


Ami

SweetSunflower said:

BelizeBreeze-

The information you have graciously provided solidifies my concerns regarding this issue. And per your suggestion, I have made an appointment for my husband and I to meet with an estate attorney tomorrow afternoon.

I sincerely appreciate being able to go in with a bit more knoweldge as well as a better understanding as to what we are looking to achieve. You have been very kind to take the time to respond to my questions and I thank you very much for your help.


Ami

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awwww shucks (toe in sand)