married without spouse on mortgage or lean Indiana

[drmax]

Indiana.
I hope I ask this correctly and is in the correct forum area. I am married. (happily as far as we know)
My wife is not on the mortgage as well as the property lean or any other documentation. Married since 2007.
We have just kept it this way, as well as our credit cards/bank accounts. We have no will.
In the event I were to die , what would happen to this property?
Besides signing a few, quick simple papers (and in the event we were to get a divorce and spend a lifetime or regrets) what are any other options for Indiana?
Thank you, DM

 

[LdiJ]

Indiana.
I hope I ask this correctly and is in the correct forum area. I am married. (happily as far as we know)
My wife is not on the mortgage as well as the property lean or any other documentation. Married since 2007.
We have just kept it this way, as well as our credit cards/bank accounts. We have no will.
In the event I were to die , what would happen to this property?
Besides signing a few, quick simple papers (and in the event we were to get a divorce and spend a lifetime or regrets) what are any other options for Indiana?
Thank you, DM

This site has a very good explanation of the Indiana intestate laws:

http://www.nolo.com/legal-encyclopedia/intestate-succession-indiana.html

 

[drmax]

I need to visit an attorney and get something formal in place. I'm unsure who would acquire the mortgage as me property is not paid for. Without spouse on deed or mortgage I'm unsure whee the house would go. I didn't see that I you link. I suppose my airplane would be treated as a car and be repossessed as it is on a note. Lawyer time. Thx dm

 

[LdiJ]

I need to visit an attorney and get something formal in place. I'm unsure who would acquire the mortgage as me property is not paid for. Without spouse on deed or mortgage I'm unsure whee the house would go. I didn't see that I you link. I suppose my airplane would be treated as a car and be repossessed as it is on a note. Lawyer time. Thx dm

When someone inherits a house with a mortgage, as long as the mortgage continues to be paid, generally a bank will not make any attempt to recall the loan. However, if more than one person inherits, then generally the house has to be sold, the mortgage satisfied and the proceeds split between the parties.

 

[drmax]

When someone inherits a house with a mortgage, as long as the mortgage continues to be paid, generally a bank will not make any attempt to recall the loan. However, if more than one person inherits, then generally the house has to be sold, the mortgage satisfied and the proceeds split between the parties.

I understand your statement. I suppose just us being married, constitutes her being able to "inherit" the house, even if it were in mortgage. I'll most likely just get her on the house note and property lean, or see the lawyer and set up a trust. When we do fly together, and if we were both killed, then there would be another mess to deal with. I'd rather get it all in writing. Thx for your time.

 

[FlyingRon]

I understand your statement. I suppose just us being married, constitutes her being able to "inherit" the house, even if it were in mortgage. I'll most likely just get her on the house note and property lean, or see the lawyer and set up a trust. When we do fly together, and if we were both killed, then there would be another mess to deal with. I'd rather get it all in writing. Thx for your time.

NO just being married does NOT necessarily mean she gets the house. You need to hold the property jointly (with survivorship rights or in tenancy by the entirety). An intestate succession doesn't give everything to the spouse if their are children.

Trusts may or may not help.

I'd recommend sitting down with an attorney to get the deed and wills, etc... as appropriate.

 

[drmax]

Thankyou. I intend to get with an attorney.