How to add wifes house to deed when there are children from previous marriage?

[veger]

What is the name of your state (only U.S. law)? Tennessee

I am getting married and want to add my wife's name to the deed of my house which I already own.

However, does that mean that in the event of my untimely death, that my wife would automatically own all the equity in our house instead of the property going into my estate?

The issue is that I have a son from a previous marriage which I want to get half the home equity. Is there a special way to re-deed the property for that to happen?

 

[FlyingRon]

I am getting married and want to add my wife's name to the deed of my house which I already own.

You do not "add people to deeds." You give them some ownership right that you have. Most likely in this case, you grant the property from yourself to you and your wife jointly with right of survivorship (explicitly stated).

However, does that mean that in the event of my untimely death, that my wife would automatically own all the equity in our house instead of the property going into my estate?

"Equity" is not an issue. If you deed the property to you and your wife, jointly with rights of survivorship, she gets the property automatically. No probate. She then owns all the house. Of course, if there is a mortgage, the security interest remains. She must continue paying the mortgage or foreclosure will result.

The issue is that I have a son from a previous marriage which I want to get half the home equity. Is there a special way to re-deed the property for that to happen?

There's no way to "deed" things to make that happen. If you want to get convoluted with things, the way to do it is with a trust.

Creation of the trust is involved and should involve a lawyer. Frankly, even the simple deeding to joint tenancy with right of survivorship would be well advised for most people to pay the nominal fee for a lawyer to get it right.
For example, unless explicitly stated in Tennessee, survivorship rights need to be explicitly stated (joint tenancy between husband and wife is not enough in itself).

 

[curb1]

Do you really want your son and your future wife to share the equity in the house if you should die?

Easiest and best solution is to follow above advice so that wife owns the house by herself. For son you buy a term life insurance policy for about $250 per year that would pay him about $200,000 "in case of your untimely death". Or some variation of this.

Keep it simple. This should not be complex, so don't make it complex.

 

[swrdmbo]

I don't understand why you would want to add your soon to be wife to your deed.This definitely leaves your son out .

I would talk to an attorney about either a trust, or his opinion on what would be the easiest, or best way to accomplish what you want to do.Good luck.

 

[latigo]

There are two cardinal rules to follow in your situation.

Rule No. 1. Do not put your new wife’s name on the title to your home.

Rule No. 2. DO NOT PUT YOUR NEW WIFE’S NAME ON THE TITLE TO YOUR HOME! *

Got it?

I have never allowed a client to do what your are foolishly contemplating. I’ve seen to much remorse because of it.

If you want to provide for her should you predecease while still married, do it by a last will and testament. You can change your mind on a will, revoke it, tear it up, burn it, throw it away and make another one or a dozen.

BUT YOU CANNOT REVOKE OR CHANGE A DEED!

Moreover, by adding her name to the title you would have created a joint tenancy resulting a number of unpleasant consequences. Like the fact that you could not sell, lease, rent, trade, or refinance WITHOUT her prior written consent.

And even worse, if she should die without a will leaving her share solely to you, her heirs would inherit and be able to force a sale by a court proceeding for partition of real property between cotenants.

If you think marriages are made in heaven, look around. About half of them go sour. Think it over, man!

Sax


[*] Apologies to Mel Brooks

 

[TrustUser]

What is the name of your state (only U.S. law)? Tennessee

I am getting married and want to add my wife's name to the deed of my house which I already own.

However, does that mean that in the event of my untimely death, that my wife would automatically own all the equity in our house instead of the property going into my estate?

The issue is that I have a son from a previous marriage which I want to get half the home equity. Is there a special way to re-deed the property for that to happen?

probably the best way to accomplish this is placing your house in a trust. you can name your beneficiaries anyway you like. you can make changes to it anytime you like.

it sounds like you might want to allow your wife to live in it while she is alive, and then give your son the house when she dies ?

in any case, the instructions of the trust can be created to match your desires.

 

[FlyingRon]

If you want to provide for her should you predecease while still married, do it by a last will and testament.

And how does that help to achieve his goals?

You can change your mind on a will, revoke it, tear it up, burn it, throw it away and make another one or a dozen.

BUT YOU CANNOT REVOKE OR CHANGE A DEED!

This is quite true.

And even worse, if she should die without a will leaving her share solely to you, her heirs would inherit and be able to force a sale by a court proceeding for partition of real property between cotenants.

This is why it is important to set up the grant to one with survivorship. Then it makes no difference whether she has a will nor not.

Of course this won't help the kid. Frankly, kids don't need to have any rights to the parent's property.

If you think marriages are made in heaven, look around. About half of them go sour. Think it over, man!

Of course, acting like you're still an independent corporation when you're supposed to be in a community relationship is one of the things that works against the marriage being a marriage.

If you expect it to go sour, perhaps you should rethink the idea of marriage to begin with.

 

[nextwife]

If it's a PREMARITAL asset, DON'T rush to place wife on deed. I'd keep this premarital asset as seperate property.

You can consider, instead, providing a life estate for her via a will without co mingling a premarital asset. That way, she's protected without giving away half of your property ownership.