Q: How should we take title to a home so that it's completely separate from all other assets in my boyfriends estate?
My boyfriend and I are entering into a mortgage loan together and we will both be on title. He has other assets/homes he wishes to keep separate from this transaction because in the event of his death...he wants all other assets to go to his surviving children. Is there a way to structure this so that the loan (property) is separate from his other estate? How should we take title? Joint tenancy? Tenancy in common? And upon his death...what happens to the loan on our property? Will this hold up the division of his estate upon his death? Please help!
A:
I suggest that you speak with an estate planning attorney to get specific advise on not only this transaction but your boyfriend's other assets and his overall plan for those assets to ensure that the plan he has for his estate works out the way he desires.
Estate planning is an extremely important process and failure to follow certain steps or procedures can result in an unintended result. I personally do not feel comfortable answering your question as there are multiple factors that could vary my overall advice that you do not have the ability to add here. Just get legal advice from a lawyer in your area.
Kenneth V Zichi agrees with this answer
A: You should consult with an estate planning attorney. No not try this at home. Specific documents need to be prepared.
A:
How you take title is going to be irrelevant for the purpose of preventing your boyfriend from having the new debt he is entering into not affect his other properties.
This requires an overall protection plan - but simply realizing that if he personally signs a promissory note and he has assets, those other assets are going to part of what a creditor would be looking for if there ended up being a claim against him as a result of a default in this mortgage.
Like my colleagues stated - get an attorney to advise him
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