Q: What can I do to protect my spouse that is not co-buyer on a home if i should pass away?
I have the better credit score but I don’t want my spouse to have the burden of losing or face a due-at-sale clause.. what are my options,, we are about to buy a home
A: I commend you for considering the possibility of the unanticipated and planning to protect your family from that uncertainty.
There are absolutely steps you can take to protect your spouse in the circumstance you have detailed - specifically, you can arrange to take title to the house in such a way that if anything happened to you, he or she would inherit the house at the moment of your death -- without even having to go through the probate process. That doesn't mean that the mortgage wouldn't still have to be paid, of course - but that's where life insurance can be helpful as a planning tool.
Your closing attorney might be able to help you accomplish your goal. If not, we'd be happy to help. Just give my office a call. Good luck, and happy house hunting!
A: First, congratulations on your decision to purchase a home. This is a big step and I commend you and your spouse for electing to make this investment!
One option available to you is to speak to the closing attorney and have the deed prepared in both names with joint right of survivorship. This will put your spouse on the deed to the property and if either of you pass, the property will pass by operation of law without the necessity of going through the probate process for the property. Your mortgage will still need to be paid; however, there are tools available to you now to be sure you and your spouse are protected in the event the inevitable happens.
Again, congratulations on your decision to purchase a house! Please feel free to contact our office to discuss preparing a will or other important estate documents.
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