QUESTION
Should I put my wife on my mortgage if she cant afford to pay it?
Asked on Aug 03rd, 2011 on Estate Planning - Georgia
More details to this question:
My wife is currently on the deed for our home, but not on the mortgage. If I die, is it better to have her on the mortgage, even if she could not afford to pay ? Or, should I just leave the home to her in my will?
1 ANSWER
Glen Edward Ashman
These are the type decisions that make paying a lawyer $250 or so to do a will is far better than spending $50 to $100 on junk you find online (like Legal Zoom, etc.) While you may possibly get lucky and get a valid will online, you lose the advice. There are many different ways to transfer a home, by will, deed and otherwise, and that is a decision which can matter. So can a decision as to who is on an account. In some cases, HOW your wife is on the deed (tenants in common vs. joint tenants) also matters and a lawyer can change that. A good decision on this involves getting some detailed financial and other information, so sit down with a lawyer to weigh the pros and cons and make the best choice.
Answered on Aug 03rd, 2011 at 1:49 PM