Q: We are almost 60, not married, and looking to purchase a home together. I can pay my 1/2 in full, he can't.
How to title, ensure we both are protected if one should die first?
A:
If I understand your question, you would like to know the home should be owned in the event that one of you should die. Depending on how you would like your 50% interest to pass upon your death, you will select one of the following:
1. Joint Tenants – Upon the death of one owner(s), the surviving owner(s) inherit(s) the deceased owners interest in the property.
2. Tenants in Common – Upon the death of one owner(s), the deceased owner(s) heirs or estate inherit(s) the deceased owners interest in the property
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