What is the name of your state (only U.S. law)? NJ
Wasn't sure where to post this so my apologies if it is in the right spot, as it deals with mortgage, real estate law, (avoiding) probate, and estate planning.
I am currently the only person on our home mortgage/title/etc. I was recently married (after home purchase) and trying to figure out the best plan of action moving forward.
I do have a will which leaves all property to my wife, but I would like to make it as easy of a process as possible (avoiding probate) for her to take possession of the house in case I was to die. Correct me if I am wrong but I believe she would have to go through probate to gain possession of the house if it was left to her in the will. I assume adding her to the title would mostly solve this issue? Am I able to add her to the title while keeping her off the mortgage?
She stays at home with our newborn and for the foreseeable future will not be working, so her credit/income will not likely be strong enough to get financing herself...so I assume adding her to the mortgage would be helpful in this situation as she would not need to refinance after my death? But on the other hand if I add her, and I was to lose my job and I defaulted on the mortgage then both of our credit would be completely ruined and unable to purchase again for a long time, correct?
Just thinking out loud here..I am a young guy and just want to make sure I am doing things to make the situation (that hopefully never arises) easiest for my wife and child. Any advice along these lines, especially any pros/cons I may not be thinking of, are greatly appreciated. TIA
Wasn't sure where to post this so my apologies if it is in the right spot, as it deals with mortgage, real estate law, (avoiding) probate, and estate planning.
I am currently the only person on our home mortgage/title/etc. I was recently married (after home purchase) and trying to figure out the best plan of action moving forward.
I do have a will which leaves all property to my wife, but I would like to make it as easy of a process as possible (avoiding probate) for her to take possession of the house in case I was to die. Correct me if I am wrong but I believe she would have to go through probate to gain possession of the house if it was left to her in the will. I assume adding her to the title would mostly solve this issue? Am I able to add her to the title while keeping her off the mortgage?
She stays at home with our newborn and for the foreseeable future will not be working, so her credit/income will not likely be strong enough to get financing herself...so I assume adding her to the mortgage would be helpful in this situation as she would not need to refinance after my death? But on the other hand if I add her, and I was to lose my job and I defaulted on the mortgage then both of our credit would be completely ruined and unable to purchase again for a long time, correct?
Just thinking out loud here..I am a young guy and just want to make sure I am doing things to make the situation (that hopefully never arises) easiest for my wife and child. Any advice along these lines, especially any pros/cons I may not be thinking of, are greatly appreciated. TIA