Florida. Thanks for previous comments from "Senior Judge" and others on this subject. OK, it seems a Life Estate may not be the answer to assure my companion, upon my passing, may continue living in our jointly-owned home until she passes or otherwise leaves the premises.
It may not be the answer as it requires a change in the Deed, which affects existing title insurance, her existing mortgage, new stamps on the Deed and quite possibly qualifying for homestead exemption. Therefore,
How can I assure the heirs (hers and mine) will receive their rightful inheritance when the last survivor owner of our jointly owned residence passes on, without changing the deed now, involving mortgagees,etc?
(It is only expressed as a "desire" in our wills and nothing therein requiring the other party to fulfil that desire. Would like something automatic and not subject to outside influences such as greed.
)What is the name of your state?
It may not be the answer as it requires a change in the Deed, which affects existing title insurance, her existing mortgage, new stamps on the Deed and quite possibly qualifying for homestead exemption. Therefore,
How can I assure the heirs (hers and mine) will receive their rightful inheritance when the last survivor owner of our jointly owned residence passes on, without changing the deed now, involving mortgagees,etc?
(It is only expressed as a "desire" in our wills and nothing therein requiring the other party to fulfil that desire. Would like something automatic and not subject to outside influences such as greed.
)What is the name of your state?