Legal Question in Wills and Trusts in California
Estate Transfer to Roomate upon Death of Title Holder
Hello, My friend and I purchased a home in Palmdale, Ca but I was not able to get on title due to my bad credit. He (the title holder) is 64 and I am 43. We both are paying half. He is a benificery of my life ins. He is unable to afford a life ins. high preimum policy to protece me because of his age. I was wondering if there is a way that I can be protected from loosing the house upon his death without buying a life insurance policy. By the way the current mortage balance in under 60,000.00.
2 Answers from Attorneys
Re: Estate Transfer to Roomate upon Death of Title Holder
I'd have to know more about your situation for a definitive answer, but if your credit/creditors/liens/judgments are what's keeping your name off title, your friend could leave the property to you in trust, with spendthrift provisions, which should protect the property from your creditors.
Re: Estate Transfer to Roomate upon Death of Title Holder
Changing to joint title with rights of survivorship is the first thing that comes to mind. You may also want to have a the home placed into a trust with you as the beneficiary.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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