Legal Question in Real Estate Law in Arkansas
Unmarried property purchase with a ''friend''
I purchased land down in AR. with my boyfriend, we are both divorced. No plans on marrying each other. We live in MO. now, but plan on building a home in AR. next yr.
He has a pre-existing will listing his children as benef. of his estate, then contingent benef. of siblings.
We have a verbal agreement that if one of us dies, the other receives the land and any bldgs. on it.
How do I protect my interest in this property?
Single and unsure
BJ.
1 Answer from Attorneys
Re: Unmarried property purchase with a ''friend''
You need him to put something in writing or your verbal agreement will most likely be considered void. He could update his will to pass his interest in the property to you. Or, you could file the documents to put the property in a joint tenancy with the right of survivorship. That way, if one of you passed away the property would pass to the other without passing through the will. I am assuming the property is already in both of your names. If you don't do anything and he passes, you will own a half interest in the property as you do now, and his will will determine who has the other half interest. Where in AR is the property?
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