Keeping the HouseKeeping the HouseIf you and your unmarried partner buy a home together, you'll want to make sure one of you won't end up out in the cold if the other one dies. You can take care of this by including the phrase "joint tenancy with rights of survivorship" on the title to the home. That way, if one of you dies, ownership of the entire property automatically passes to the other without going through probate. Avoiding probate is important because some probate courts don't recognize unmarried partnerships. If your partner died with the house in his or her name only, a court might award possession of the property to one of your partner's relatives.
If you and your unmarried partner buy a home together, you'll want to make sure one of you won't end up out in the cold if the other one dies. You can take care of this by including the phrase "joint tenancy with rights of survivorship" on the title to the home. That way, if one of you dies, ownership of the entire property automatically passes to the other without going through probate. Avoiding probate is important because some probate courts don't recognize unmarried partnerships. If your partner died with the house in his or her name only, a court might award possession of the property to one of your partner's relatives.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.
©2004-2007 The American Institute of Certified Public Accountants, ISO 9001 Certified. AICPA Online privacy policies and copyright information. | Using our secure site. --Site best viewed with browsers version 4, or above-- AICPA, 1211 Avenue of the Americas, New York, NY 10036