How Do You Have Your House Paid For When You Die?

[Monker]

Thanks everyone for all your advise & suggestions. Strangegrey: I could be wrong but I believe I can Quit Claim Deed my house in my Will so that Uncle Sam won't be able to ass rape my heirs through probate. Also, for those who suggested taking out extra life insurance with instructions in my Will delegating someone to keep up with my mortgage payments, that's the thing I was hoping to avoid b/c there's no guarantee that my wishes will be carried out. You see, I want my daughter to get my house. (Sorry Stevew2. You'll just hafta settle for my collection of GI Joes). Razz I want my daughter to get my house but she's 6 years old right now & I was hoping to make sure that my house would automatically go to my daughter without a bunch of adults fighting over it, should I die while she's a minor. I have a 15 year mortgage & my daughter won't become an adult for another 12 years & so my house will be paid for by then. In that instance, she's guaranteed to get my house. It's just that "If I die while she's still a minor" thing that I'm concerned with.

Sounds to me like you want to plan your estate...both for the above and because of what Frank said...

Ask your insurance agent if he can recommend a resource for helping you plan your estate. Any of the larger insurance agencies out there offer estate planning, as do companies that offer retirement plans, if you have Vangaurd or Principal, or something like that for a 401k...you probably already have the resources available to you...

[SherriBerry]

Jason, if I were you I would consult with a lawyer who specializes in Estate and Will planning. There is always the possibility that someone may contest the will and a minor is more vulnerable to having assets stolen. Even if you will the house to your daughter, if someone else has lived in the home for a long period of time, they can contest the will and be awarded part of the house, depending on your state laws. And if your daughter were still a minor, I assume your ex would have custody of her and possible access to her money unless you have it in an ironclad trust fund. It may be up to her to sell the house on behalf of your daughter and you want to make sure every penny must be put in trust to her, not an account your ex can use for custodial purposes. She may even fight your estate for more child support. Lawyer up!

[Saint John]

Quit taking it in the ass and you won't have tyo worry about all of this.