What happens to a house if it isn’t paid off, can you give it to one of your kids?
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What happens to a house if it isn’t paid off, can you give it to one of your kids?
I am buying a house to live with my mother using her credit because mine is bad due to foreclosure. I don’t want it to be split between my sisters and I because I will be paying the majority of the monthly mortgage.
Asked on October 3, 2011 under Estate Planning, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You need to seek help from an estate planner as soon as you possibly can. If the house is legally owned by you and your Mother then when your passes away that portion that is hers will be split between you and your siblings unless there is documentation that states otherwise - her Will or other document such as a deed that states "rights of survivorship." Now, as for the outstanding mortgage, you need to get mortgage insurance so that i the event of your passing the house is paid off and the kids can inherit free and clear. A little planning on your part will indeed make things go easier upon everyone's passing. Good luck to you.
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