I would like to know if it’s possible to leave my house to my fiance?
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I would like to know if it’s possible to leave my house to my fiance?
I got this house from my landlord. I put $10,000 down on it and he said he would finance the rest. I would like to know if I draw up a Will, can I leave the house to my fiance without worry if I pass away my landlord/banker can come and take the house regardless? If so, what are my options?
Asked on July 22, 2019 under Estate Planning, Virginia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
If there was no mortgage, you could easily do this. With a mortgage though, including owner/landlord financing, ther is a significant issue: when you die, the loan comes due in full and if your fiance cannot pay it in full, the lender (whoever that is; e.g. the landlord, if he is financing you) may forecllose on the house. To make sure she gets it, don't just will it to her; take out enough life insurance on yourself that she can use the proceeds to pay the loan off.
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