New York | Wills and Trusts
Legal Question
Best form of tennancy by unmarried spouses?
My girlfriend with whom I plan to get married in approx. one year, is inheriting a portion of her fathers estate along with 3 other siblings. She is to recieve a 1/4 share of her parents home. The home is valued at $450,000 with approx. $150,000 estate liability, leaving $300,000 split 4 ways, or $75,000 each sibling. She wants to keep the home herelf since she grew up there. The other siblings just want it sold so they can get their share. Her credit is not good enough for her to get a mortgage and so she wants me to put the house entirely in my name, as well as the mortgage in my name only, with a provision that I cannot sell it to anyone but her once her credit gets better. (It gets better)
She wants me to finance the closing costs (approx. $26,000) and get a loan for a total 450,000 plus $26,000, or ($476,000)this way she can keep her $75,000 share. She also wants Joint tennancy with rights of survivorship in the event of my death. What do you think
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