Legal Question in Wills and Trusts in New York

Re: Mortgage and debts

It depends. If he has a Will and leaves you his estate, it's yours. If you have children and there is no Will, you would be entitled to $50,000. plus one-half if one child or one-third if two or more children.

If it passes through his estate, all debts would have to be paid from the assets, mortgage first.

You and he should consult an attorney ASAP.

Re: Mortgage and debts

If he owns the house and has debts, a transfer to you to try to avoid the debts could be considered a transfer in fraud of creditors and could make you responsible for the debts. You do not say if you have or might have children before he dies. Part of the answer depends upon if and how many children you have or might have. He could leave you the house by a Will, but the house would still be part of his estate and subject to payment of all debts. If he has no Will, you inherit by intestacy, the amount or percentage will depend upon if you have children and, if so, how many. Even so, the house would be subject to payment of his debts. Note, you are not personally responsible for the debts, but they follow any transfer of his assets, so if you inherit the assets, your inheritance is subject to payment of the debts. If you have been paying the mortgage, I suggest you take a second mortgage and note from your husband against the house for all monies you have paid and continue to pay. At least you will be protecting your place to live and maintaining some equity in the house that other creditors will not be able to reach until you have been reimbursed.