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View Poll Results: What owns your house?
Person's name 166 90.22%
LLC or business 3 1.63%
Landtrust 3 1.63%
Other 12 6.52%
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Who owns your house?
Old 08-20-2013, 03:31 PM   #1
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Who owns your house?

Meaning, who's name is your house in?

Person's name?
LLC?
Land Trust?
Other.

Why?
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Old 08-20-2013, 03:33 PM   #2
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I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
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Old 08-20-2013, 03:36 PM   #3
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My boyfriend's parents' names are on the title.

We don't qualify for a mortgage, as our business is under 2 years old. We had a contract drafted paying the house off through them, and there were too many issues with their names on the mortgage but not on the house, so we all decided it'd be easier to wait until we pay off the mortgage in the next couple of years, then put the house in our name while we continue paying the rest of the home cost to them, interest free.
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Old 08-20-2013, 03:50 PM   #4
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Quote:
Originally Posted by jIMOh View Post
Meaning, who's name is your house in?

Person's name?
LLC?
Land Trust?
Other.

Why?
For the sake of your poll, do you consider a Revocable Family Trust: 1. Person's name; or 2. Other?
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Old 08-20-2013, 04:08 PM   #5
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DW and my names are on the house and home 40 acres. Most of my family land is in my name, and her family land and in her name. We have no kids and haven't decided when or if we will sell the house. But I'm starting to see putting my library upstairs was a mistake. In 15 or so years we might sell to someone with younger knees.
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Old 08-20-2013, 04:19 PM   #6
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I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.
My house is in my own name. My ex has no claim on it since he got our house in the divorce and I bought my present house years later. My house not exactly the Hearst Castle and nobody is sitting on the edge of their chair waiting to inherit it.
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Old 08-20-2013, 04:23 PM   #7
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We live in a co-op, so technically we don't "own" the place; we have a share in the corporation.
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Old 08-20-2013, 04:23 PM   #8
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DW and I own our main house in our own names (JTROS).
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Old 08-20-2013, 04:31 PM   #9
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One house in my name, one in estate trust.
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Old 08-20-2013, 04:36 PM   #10
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None of the above, I guess. It's in a revocable trust.
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Old 08-20-2013, 04:49 PM   #11
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Me myself and I.
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Old 08-20-2013, 04:53 PM   #12
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DW and I own our main house in our own names (JTROS).
+1
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Old 08-20-2013, 05:09 PM   #13
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...I'm starting to see putting my library upstairs was a mistake. In 15 or so years we might sell to someone with younger knees.
32 acres here, and 2nd floor seldom sees human presence. Basement remodel a few years ago is starting to seem a bit silly now too.

And, oh yeah, house is in DW and my names; bank has no more interest in our home .
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Old 08-20-2013, 06:25 PM   #14
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I own my condo.
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Old 08-20-2013, 06:54 PM   #15
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Wells Fargo still owns my house, but it has my name on it for now...lol
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Old 08-20-2013, 07:01 PM   #16
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The title has DH and I as joint owners with right of survivor. No mortgage, no liens.

If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
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Old 08-20-2013, 07:10 PM   #17
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The title has DH and I as joint owners with right of survivor. No mortgage, no liens.

If our assets are not large, is there a reason to title it otherwise? We do have wills leaving all assets to our 2 adult sons.
Yes, wills still go through probate and can cost your estate a lot of money depending on what State you live in. A living trust would be a better choice IMO.
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Old 08-20-2013, 08:31 PM   #18
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Family trust. (Same as the other non-retirement account assets.)
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Old 08-20-2013, 09:23 PM   #19
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My house is in my name (with less than $10K until it is paid off and truly in my name!!). But I live in an older neighborhood that has many middle class to upper middle class older people. At one time I noticed on the property tax website that probably 60-75% of the homes in my neighborhood were in trusts.
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Old 08-20-2013, 09:32 PM   #20
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Yes, wills still go through probate and can cost your estate a lot of money depending on what State you live in. A living trust would be a better choice IMO.
Maybe, maybe not.

http://www.nolo.com/legal-encycloped...ary-30260.html

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Morning, noon, and night, by mail, fax, phone, and email, Nolo is asked whether making a will is enough, or whether it's really much smarter to create a living trust for the purpose of avoiding probate. Not surprisingly, the answer is, "It depends." Some people need a living trust immediately, others will never need one, and most of us fall somewhere in the middle.
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