What am I rights to our home if anything should happen to my husband?

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What am I rights to our home if anything should happen to my husband?

The home my husband and I live in has my husband and his mother on the deed. The mortgage is in only my husband’s name only and he and I have paid the mortgage and taxes for the past decade. He is in the military and he is about to deploy; I am his sole beneficiary. Should we make any special preparations to protect my interest in this home before he goes? My mother-in-law lives in a senior apartment.

Asked on December 3, 2012 under Real Estate Law, Pennsylvania

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You absolutely need to figure out what is best in your state and whether a quit claim deed will be sufficient. It makes no difference who has the loan...that is just simply for the debt but it does make a difference in terms of what happens if you transfer ownership. If your husband and his mother quit claim the property to you and your husband as joint tenants with rights of survivorship, you need to find out a) if this transfer is considered or qualifies to be exempt from transfer taxes and b) whether it would or will or may accelerate the debt. Another method is the testamentary method (will or trust or a combination of both). The first and primary issue though will be what does the mother in law wish?


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