Posted on: 15th Jun, 2009 07:09 am
MY BOYFRIEND IS MOVING IN WITH ME INTO MY HOUSE. I STILL HAVE A SMALL LOAN THRU A MORTGAGE COMPANY THAT I WILL PAY. HE IS GOING TO INVEST ABOUT 45,000 INTO MY HOUSE BY MAKING A MASTER SUITE AND GUTTING CURRENT BATHROOM AND FIXING KITCHEN. HE WANTS TO BE ADDED TO MY DEED PRIOR TO PROTECT HIM IF WE BREAK UP WHICH I DON'T SEE US DOING. I HAVE TWO CHILDREN, HE HAS NONE BUT ITS AGREED THAT THE HOUSE WOULD STILL BE LEFT TO MY CHILDREN. IF I PASS AWAY FIRST I WANT HIM TO CONTINUE TO LIVE IN OUR HOME THEN WHEN HE PASSES IT WILL GO TO MY CHILDREN. SHOULD I PUT HIM ON MY DEED OR IS THERE ANOTHER WAY TO GUARANTEE HIS INVESTMENT?
hello, your boyfriend's name can be added to your deed via a filed and recorded quit claim deed. one option to ensure your intentions are fulfilled regarding your/his right to live in residence and desire to give property to your children is for you and he to enter into a joint revocable trust. it would be very important to draft the rules you both require to amend the trust in any way. for example, you could require agreement of both parties to amend the trust, thus preventing one or the other party from making changes to the trust without the other's knowledge. and you'd also need to transfer the asset(s) in question into the trust. all this being set forth in accordance with the laws in your state, of course.