Estate planning
My partner and I (40 yrs) not married own a home together that is paid off and titled in both our names.
We have wills not revokable trusts. Upon one of our deaths is there going to be a problem selling the home?
Terry Says
You said you “own the home together”. But is it TITLED as Joint Tenancy with Rights of Survival? If so, then the survivor gets 100% of the home at the first death. Your other beneficiaries would have no equity in the home.
But if it is titled as Joint Tenants in Common, then your heirs would get your half — and your partner would have the tough job of dealing with them.
If you created a joint Revocable Living Trust with both of you as co-trustees, and named the house in the trust, then if one of you became ill and incapacitated, then the other could sell the house. Or could borrow against it for your care. It’s a much more flexible arrangement.
Make sure you sort this out in writing and get the title in the correct form to suit your plans.
