Legal Question in Wills and Trusts in California
How to use trust to leave house to boyfriend?
I am buying a house, my boyfriend and I will live there, planning to eventually marry. I have great credit/fico but no income. He has bad credit but good income. I am making down-payment and loan is in my name only. He will pay all expenses at this property and also take interest and property deductions for his taxes. How can we use a Trust, in case I die, to pass house on to him? I have a seperate trust for other assets to go to my children and will not co-mingle). Whatever the balance of the loan on the house, I do not want it to negatively effect my children/Trust. But, he is welcome to the house BUT must riemburse the down-payment to my children.
2 Answers from Attorneys
Re: How to use trust to leave house to boyfriend?
I assume this is from the same person who posted a similar question yesterday. please read the two answers you got. Mr. Whipple and I spend our time responding but you do not appear to have heeded much of what we said.
How can your boyfriend take any deductions unless he is the/an owner of the property which means he must be on the mortgage? How are you going to enforce his promise that he will repay the down payment? What makes you feel he will have the same relationship with your children [who are going to get the rest of your assets so he will feel somewhat miffed] as he has with you?
You definitely need to see an attorney, as you clearly are not willing to accept advice that goes against what you want to hear. You probably will ignore what that attorney tells you, but he/she can draw up the most appropriate Trust and have you sign it without making changes.
But if your are going to ignore the advice you get, why waste others time in asking irrelevant questions?
Re: How to use trust to leave house to boyfriend?
You can use the existing trust. Just amend it and clearly state that you want the house to go to your boyfriend. A living trust is revocable and can be changed by you, the Trustor, at will. You do not need another trust. I assume you are the Trustee of your living trust.
If you are confused as to these things, I have a book coming out on Amazon in about 2 weeks that explains all of this and more in plain simple English so that middle class persons unable to afford to pay attorneys to handle this stuff can do it themselves. If you send me an email, I will send you a return email of how you can get the book at that time.