Who owns your house?

[jIMOh]

Meaning, who's name is your house in?

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

Why?

 

[jIMOh]

I have my house in an LLC as protection from an ex wife, creditors and to help it pass to my kids without probate.

 

[Arifriekinel]

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.

 

[packrat44]

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?

 

[Larro Darro]

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.

 

[W2R]

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.

 

[ocdokie]

We live in a co-op, so technically we don't "own" the place; we have a share in the corporation.

 

[FIREd]

DW and I own our main house in our own names (JTROS).

 

[RockyMtn]

One house in my name, one in estate trust.

 

[SumDay]

None of the above, I guess. It's in a revocable trust.

 

[ER Eddie]

Me myself and I.

 

[pb4uski]

DW and I own our main house in our own names (JTROS).

+1

 

[Theseus]

...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 .

 

[obgyn65]

I own my condo.

 

[fishnfool]

Wells Fargo still owns my house, but it has my name on it for now...lol

 

[Sue J]

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.

 

[fishnfool]

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.

 

[rodi]

Family trust. (Same as the other non-retirement account assets.)

 

[ABQ2015]

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.

 

[Bestwifeever]

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-encyclopedia/living-trust-need-unnecessary-30260.html

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.

 

[Walt34]

I am thinking that probate often gets an undeserved bad reputation. It is simply the legal procedure to assure that creditors and taxes (if any) are paid and the remaining assets distributed in according to a will if there is one, and the state laws if there isn't.

For most people with relatively simple wills and estates it isn't that complicated. It just seems that way because it is something we don't deal with often.

Now, if there are unresolved lawsuits pending, and the decedent owned multiple companies/corporations, owned property in foreign countries and similar complicated stuff, then hire a lawyer and hide.

 

[HFWR]

I've got a house that's mine alone, that me and the finance company own...

 

[JOHNNIE36]

I voted "other" because our home, free of mortgage, is titled in the name of our revocable family trust. We have the trust only because we want our assets distributed as we dictate and not at the discretion of the courts. The trust precludes any law suit pertaining to others that may lay claim because of blood lines. I should have said "potential" lawsuits because anybody can sue anybody for anything, anytime.

 

[calmloki]

After sitting through a trust seminar/sales pitch down south we spent an hour with an estate lawyer up here. Her advice for our situation was to do as we've been doing: JTWROS on everything. That's for a no kids (edit: no marriage) couple with under 5 million in assets. Cool! I like easy.

 

[Ronstar]

Condo is Me and DW, Husband and Wife. We purchased a vacant lot in 1991 on which our house now sits. Lot deed says Me and DW, not in Tenancy in Common, but in Joint Tenancy. But if you ask DW, she'll say the house is hers.