Legal Question in Wills and Trusts in New Jersey

Re: Inherit property with mortgage

You will need to make sure your will is up to date and specific in the bequest of the home to your partner. Whetehr he will be able to refinance the mortgage in his own name will depend on his income, debt and a variety of other factors associated with applying for a mrotgage. Please contact me if you would like me to draft these documents for you.

Re: Inherit property with mortgage

This is a fairly simple legal matter. The mortgage stays with the house until paid off. You will want to make some arrangments, and it is fairly easy to draw those legal documents.

If you would like, give me a call to set up an appointment; I am in northern New Jersey. The consultation may be free, speak to me and I will let you know ahead of time. I will do what I can to help you out.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: Inherit property with mortgage

I agree with Bob and Ray that this is a simple matter, although there may be inheritance tax obligations also to consider. What you want can be accomplshed in one of three ways: (1) Name your partner in your Will to receive the property; (2) Add your partner to the Deed now or (3) Create a living trust and transfer the title to the trust. There are many ramifications to the various choices and I suggest reviewing the alternatives with someone, like myself, so you can make the proper choice and still be protected in the event the relationship has terminated before your demise, or your partner predeceases you.