? about leaving fiance my house if I die.

[jaf72]

What is the name of your state? MA

Hi. I live with my fiance in a house that is deeded in my name only, and only my name is on the mortgage. We have no plans to marry in the near future, in fact we are very comfortable the way things are right now. Is there a way for me to ensure he could keep the house should I die? We are in our 30's, and are both healthy, but a co-workers recent unexpected death is making us think of these things. We have each other named on our life insurance plans through our workplace. I have a son from a previous marriage, and I have a separate policy for him, naming my ex husband as trustee (I am comfortable that he would do the right thing with the money) and my fiance has a son from a previous marriage also, and he carries a policy for him.

I am just wondering how to go about this. Would he have to re-finance the house into his name? Should either of us die, our life insurance would just about cover the mortgage (I owe $286,000.00, house was recently appraised at $375,000.00) We didn't want to put his name on the deed due to the fact that he and his ex had outstanding debt that wasn't paid fully (he paid his half as per the divorce, she didn't, creditors don't care and he has a judgement/bad credit. His ex is now a SAHM with kids from new hubby so she doesn't work, her only income is his child support, so she isn't paying anything, anytime soon.)

Thanks in advance for any input!

 

[FlyingRon]

You can create a living trust that makes him the beneficiary (and successor trustee) or you can will it to him, but the former will make the transfer smoother on your death.

As for the refi, chances are the bank would keep quiet if he continued to make the payments.
However since he is neither a joint tenant nor a relative of yours, the federal preemption of them being able to call the loan on your death doesn't exist, so you'll have to read your mortgage (or deed of trust) to see what it says.

 

[jaf72]

Thanks!

Thank you for your reply. We are going to meet with the attorney who handled his divorce and draw up wills and talk about the best way to do this.