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What form needs to be filled out
My boyfriend and I share a home and we both pay for half of expenses but the home is only his and in his name. We are not planning on getting married for years but he has agreed that if he were to die the home would come to me and I would retain all equity in the home. We know we need to fill out or do some form of legal paperwork but we are not sure. Can you please let me know?
Asked on December 20, 2018 under Estate Planning, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Two options:
1) If there is no mortgage, HELOC, lien, etc. on the home, he can deed 1/2 his interest in the home to you, placing you on the deed as a co-owner. Ideally, he should you on the deed with him as "joint tenant with right of survivorship," so that when he passes, it goes to you without going through probate or any heirs (e.g. family of his) having a claim to it. It would be best to let a real estate attorney help you with this. He can only transfer part of his interest to you if there are no mortgages or liens, etc. to pay.
2) He can create a will that leaves it to you on his death. To do this, he should hire a trusts and estates lawyer to not just draft the will, but to also make sure it is properly signed, witnessed, and notarized so as to be valid and enforceable.
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