how do i get a beneficiary for my house?

Question

I just bought a house and me being very young and stupid didn't find out how to get a beneficiary assigned to my house in case something happens to me. I'm not married as of now so how do i go about getting someone else's name on my house? do i have to make a will or is there something easier i can do?

Answer 1

You do not need to have a co-owner assigned on your mortgage - that would mean going thru the whole re-fi mess because the co-owner would then become responsible the same as you for the payments. What you can add is a statement of beneficiary in case of death. At that point, the person named has the rights to the house (and may assume the mortgage or have the option to do a re-fi, depending on your mortgage company rules). Doesn't hurt to have a living will, too, which a notary can make up for you at a reasonable cost - avoid the lawyers! There are also computer software products that can guide you thru the forms but in the end, you still need a notary and witnesses to give it more strength in probate court than just sending your beneficiary a letter.

Answer 2

Your home is part of your estate. If you were to die, your estate would be handled by an executor - usually someone you choose (just send them a notorized letter telling them you would like them to serve as executor of your estate) or your next of kin if you didn't make a choice. The executor can sell the house or give it to a family member.

If there is no next of kin, the state will dispose of your estate.

Answer 3

You don't want to put someone else's name on your house. It's your house and it's a pain to get a name OFF if you need to. If you want someone to have it if something happens to you, put it in your will. If you financed your house, you should have had to do a will anyway.

If you do want to add someone, you'll probably have to go to the courthouse to get the name added.

Answer 4

It's called a Living Will.