Avoiding Senior Homeownership Drama

In many ways, love and marriage are simpler late in life.  Finding someone new after both of you have been widowed puts you in a unique position to understand each other.  You both have a proven track record of being good at marriage, and you understand how your spouse and your stepchildren feel about the family member they lost being irreplaceable.  You have a better chance than most people of respecting each other’s boundaries and appreciating each other and each other’s relatives.  You might even mutually decide that you want your only marriage to be the marriage into which your children were born, so you decide just to be best friends who treat each other’s relatives like family.  Emotional maturity is its own reward in marriage and relationships, but unfortunately, the probate court does not give you credit.  A Dade City estate planning lawyer can help you adapt your estate plan if you are ready to move in with your new spouse or partner.

What Happens When You Move Into Your Spouse’s House After You Get Married?

When both spouses are over 50 when they get married, the chances are greater that they already each own a house.  You might decide that the simplest thing is to sell your house and move into your spouse’s house.  If you do this and take no further action, meaning that the house remains in your spouse’s name alone, the probate court will grant you life estate in the house, which means that you can live in the house for the rest of your life.  You will not, however, get any ownership rights; this means that, when you die, ownership of the house will pass to your stepchildren, your spouse’s siblings, or whichever beneficiary your spouse listed in his or her will.  The best way to prevent this problem, if you and your spouse agree that you should inherit the house, is to add your name to the title.  No matter what you decide about how many houses to keep and whose name is on the title, senior couples should sign prenuptial agreements to prevent probate disputes.

When Unmarried Couples Buy a House Together

You and your partner may decide that getting legally married will complicate your situation; at your age, you may have figured out that living together without being married gives you the best of both worlds.  If you and your partner buy a house together, you should include both partner’s names on the title; it is perfectly legal for people who are not related to each other by blood or marriage to own property together, including real estate.  You should both update your wills to indicate what happens to your share of ownership in the house after you die.

Contact a Florida Estate Planning Attorney About the Role of Your House in Your Estate Plan

An estate planning attorney can help you update your estate plan to reflect your current relationship status and living situation.  Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your estate plan.

Source:

getthecoast.com/attorney-whitney-smith-warns-against-poor-mans-estate-planning-strategies/