Legal Question in Wills and Trusts in New Hampshire
question about mortage
I am undergoing a major medical procedure. I currently have 4 children. My husband is on the deed of our home but not the mortage. It is not assumable. If I were to die would he be forced to pay the mortage off with my life insurance or could he let the house go into foreclousere? Also would he have to pay the credit cards and student loans off that are in my name with my life insurance? If so , is there a way I could stipulate in my will that when he sells the home, the kids ould recieve a share of the proceeds?
1 Answer from Attorneys
Re: question about mortage
Your multiple questions involve both real estate law and probate law. There are several ways to address your situation and meeting with a lawyer would be strongly advisable.
If your husband is named on the deed as a "joint tenant with rights of survivorship," the house passes to him outside probate. Life insurance is generally not part of the probate process as it is paid directly by the insurance company to the named beneficiary.
As to protecting some portion of the assets for your children, this requires a carefully drafted will and far more information about your assets and liabilities.
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