Legal Question in Wills and Trusts in California
My boyfriend and I own a house as joint tenants. But, when I die, I want to give this house to my child. He already created his will to do so, but the will alone may bring a probate. In order to insure the parent/child transfer simple, I want to create Life estate for my boyfriend so that he can live as long as I live in this house but when I die, the house will go to my child. Recently we (both as borrowers) tried to refinance; then, I found that there was judgment (against me. Now, I doubt that I can be the borrower for the refinance. Probably my boyfriend needs to be only the borrower without me. If his name alone on the loan, can I still create Life state for him? That means he will produce Quitclaim and his name is no longer in the deed. Also, I worry if I am no longer the loan borrower and lose the payment record as the house owner; and when he died before me, and then if I must refinance the house, I (who has no job) will not be able to refinance the house. Then, I may lose the house. I can't pay the judgment right now. can you provide me advice?
3 Answers from Attorneys
Suggest you consult an estate planning lawyer to accomplish the type of property transfer you are contemplating; without good legal guidance, here, there are some serious pitfalls that may occur if you try to accomplish your desires yourself. An ounce of prevention is still cheaper than a pound of cure.
Your question is a perfect example of a little knowledge being a dangerous thing. You two are creating a convoluted situation that could come back to bite you in many ways with a will and a life estate and quit claims and all that, when a simple trust will do the trick. Talk to a local estate planning attorney. They should be able to set you up for a very reasonable fee.
He would have to give up his interest in the fee to create a life estate. I am not sure he would want to do that.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
