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Will/avoiding probate. Add wife to mortgage and/or title? Pros/cons?

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maxxed

Junior Member
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
 


FlyingRon

Senior Member
Being on the title isn't like some sort of club membership. You are giving her half the house. However, joint tenancy with survivor ship rights will likely help. You can't just put her on the mortgage, and there's probably not any reason to do so. The downside of putting her on the deed is it's not reversable. She's under no obligation to give it back if you change your mind, where as the will you can change at any time. Further, the property is now part of the marital estate (i.e., half hers in a divorce).
 

LdiJ

Senior Member
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
Ron gave you good advice but I will add one thing...

An heir does not need to refinance a house...particularly if the heir is the spouse. As long as the mortgage payments get made, the mortgage company is happy.

The better option to protect a spouse and child(ren) when you are young is a healthy amount of term life insurance. Its pretty cost effective when you are young and the cash will do them more good than anything else...because it will cover all problems.

Seriously, get some quotes. I think that you will be surprised at how much coverage you can get for a modest monthly payment. Its also something that can be easily changed as situations change.
 

latigo

Senior Member
. . . . . Further, the property is now part of the marital estate (i.e., half hers in a divorce).
How so "part of the marital estate" and not the husband's sole and separate estate?

Or did you overlook: "I was recently married (after home purchase) . . "

Also questions:

If OP simply quitclaims to ux an equal undivided one half of the home, what part of the whole would be marital? Any? Wouldn't his remaining half remain sole and separate? If half gifted to her, why would it not be her sole and separate?

[SUP] Incidentally, the last thing I wish for in her is for Ld to agree with me. I'm prone to err, but hopefully not to that extent.)[/SUP]
 

LdiJ

Senior Member
How so "part of the marital estate" and not the husband's sole and separate estate?

Or did you overlook: "I was recently married (after home purchase) . . "

Also questions:

If OP simply quitclaims to ux an equal undivided one half of the home, what part of the whole would be marital? Any? Wouldn't his remaining half remain sole and separate? If half gifted to her, why would it not be her sole and separate?

[SUP] Incidentally, the last thing I wish for in her is for Ld to agree with me. I'm prone to err, but hopefully not to that extent.)[/SUP]
You actually erred so much that its ridiculous. We all know that you do not have a clue about family law.
 

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