QUESTION
What is the fastest cheapest way to give your house to your significant other upon death?
Asked on Jan 07th, 2020 on Estate Planning - Louisiana
More details to this question:
My boyfriend of 10 years and I live together. We have never married because we both have been married before. We just bought a house and it is in his name. I am fixing to sell my land to remodel a suite outside our house for my father to live in. We need to have something stating that when he passes away, I would get the house. What's the cheapest route? A will or trust? We do not have alot of extra money now that we have this mortgage.
1 ANSWER
A will would be sufficient to convey ownership of the home upon his passing. One consideration you need to be aware of is if he has any children under the age of 23, either from his first marriage or together with you. If so, they would be considered a forced heir and be entitled to a mandatory portion of his estate, which he cannot will away.
My office drafts estate planning documents at a flat rate of a few hundred dollars, depending upon what needs to be done. If you would like to set up a free consultation with me regarding this issue, please feel free to contact me.
Answered on Jan 13th, 2020 at 9:08 AM