Q: I just need a simple answer. My roommate and I are going to buy a home. How do we each keep our children from taking
A: Here are two options:
1. You can set up a trust and both be trustees of the trust and when you purchase the property you purchase it in the name of the trust. If you do this then not only can you plan for the situation of what happens to if something happens to one of you, but it will also answer the question of what happens if something happens to both of you. It will avoid the need for probate.
2. When you purchase the property you take title to it as joint tenants (you do not want to take title as "tenants in common"). This will give both of you a right of survivorship (if one of you dies the other takes full ownership) this doesn't solve the question of what happens to the property if both of you pass at the same time though. After the survivor passes, it will have to go through probate to transfer to someone else unless the survivor does something else.
I recommend the first option, but it quite a bit more expensive up front. I hope this helps.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.