all 10 comments

[–]IMG0NNAGITY0USUCKA 23 points24 points  (0 children)

Probably should talk to a lawyer about this.

[–]CrumpetsGalore70New Homeowner 13 points14 points  (0 children)

Talk to an attorney in your state about creating a trust and placing the home in the trust with you in control of the trust. Its possible that you can avoid the court probate process but check with a local attorney. Good luck.

[–]pogofwar 6 points7 points  (1 child)

Speak with a wills, trusts and estates lawyer of your own before you speak with him.

With the above being said first and most importantly … I’ll give you a few of my reaction thoughts and questions I would ask.

Overall, this might not be an awful idea. In fact, it might be a good one, depending upon what your goals are. Are either of your daughters living in this place? Particularly you’re older daughter, is there a long-term plan to make sure she has what she needs financially? How many dollars and how much time is left on the mortgage that exist right now? Are you sure there’s only one mortgage? Is the property viable as a rental to provide income to your older daughter? If you were to go on the title, there may even be tax benefits for you.

It sounds like an enormously stressful and difficult situation for you to navigate. Identify your goals and prioritize them. Once you have those, apply the value of the house to solving them. That might be keeping it to house one or both of your kids, living in the property yourself, selling the property and investing the proceeds or renting it out. Good luck. Any questions you can DM me. I’ve been thru some hairy stuff!

[–]free2bk8[S] 1 point2 points  (0 children)

Bless your heart for your candor and insight. Inparticular, getting options and the straight skinny from an attorney on my own terms.

[–]CluesLostHelp 3 points4 points  (1 child)

Your ex needs to talk to an estate planning attorney and get a will set up if he doesn't have one already. If his goal is to leave the house to your daughters, then he doesn't need to add you to the title (also, he may not be able to add you if there is still a mortgage on the property).

It might be that the house goes into a trust, maybe there's another mechanism such as a transfer-on-death deed, if the state in which he resides recognizes such things. Depends on the state and your ex husband's financial picture.

On that note, you have not mentioned the state of your ex's financial affairs, but remember that if there is a mortgage on the property, the mortgage still needs to be paid off. If the mortgage terms are favorable (super low interest rate, for example, or only a few years left), your daughters can assume the pre-existing mortgage under the Garn-St. Germain Act. But they would still have to pay for property taxes, insurance, etc.

This all assumes that your ex is able to pay for whatever end-of-life care he needs out of other assets. If a lien gets attached to the house for medical debt under Medicaid, for example, then that would still have to get paid off first.

[–]free2bk8[S] 0 points1 point  (0 children)

Great questions to ask him! We both live in Sacramento, Ca. First and foremost, does he have a will. How much left on the mortgage. He says he has a trust all taken care of with an attorney, but when I pressed him about how will they know should he pass, he was vague and very evasive.

[–]ShortWomanAgent -- Retired 1 point2 points  (0 children)

Make an appointment with a lawyer.

Inform him that he will be there.

[–]kcdc25 1 point2 points  (1 child)

Just a side note mortgage insurance is a total scam. A good life insurance policy will cover this.

Also definitely speak to a lawyer.

[–]TrumpHasaMicroDick 1 point2 points  (0 children)

And now that he's been diagnosed with cancer he wouldn't qualify for either mortgage insurance or life insurance.

[–]josh9543 0 points1 point  (0 children)

Talk to a lawyer first, please.