How to get my name on house?

[COlady]

My husband bought our house before we were married or engaged. I'm not currently on the mortgage or the deed (I think that's what it's called).  Anyway, I understand that should something happen to him the house would transfer to me by operation of law. However, would this be difficult? Would the house have to go through probate? Having a will doesn't make this any easier right?

Also, he has an investment account at Fidelity that he uses to buy and sell his employee stock purchase plan shares.  He's been buying and selling in this account for the last 7 years so he's accumulated quite a bit of money in the account. I asked him to re-title the account to joint (for same reason as house) and he said he can't because the account is tied to his employer (similar to a 401k).  Should he just ask them to put transfer at DOD to wife? I don't think the account has a beneficiary option because it's not a retirement account.

No I'm not planning on killing my husband.  We have babies on the way and just want to make sure everything in our financial house is setup properly should something happen to either of us. He is the beneficiary on my retirements accounts, etc. We are currently in the process of getting term life insurance for each of us and we'll get a will shortly after the babies are born.

[Spork]

<insert wording here that your state may be different than mine, etc.>

mortgage: I think that's a "don't care" mostly.  I bet putting your name on it would require refinancing.  (not really sure)
deed: I think that's easy.... but I'm basing this on my experience in a different state and a divorce (removing a name).  I just had to take the legal docs down to the county office and they walked me through it.

investment account: I bet hubby is right... but... is there a place for a beneficiary on that account?  I.e.: "pay on death 100% to my loving wife."

[aneel]

I did the same thing.  The house is in my name, and when I started looking into how to put my now husband's name on it, they said there was no reason because in MA, "what's mine is yours" unless there's a prenup, so this includes death and divorce.  Basically just check out your local laws.
As for the account - just make sure he's listed you as a beneficiary, but even if he didn't, the local law would probably direct it to you.

Good luck and congrats!

[agent13x]

I'm in the same position as my wife. We bought the house together but only her name is on everything. I've checked multiple resources and everything says once we've got that marriage certificate then it belongs to both of us.

As far as the 401k goes, your husband just needs to make sure you are the beneficiary.

[CommonCents]

Hubs is probably right about the employee account.  Have his ask HR about a beneficiary form.

Regarding the house, I don't know about getting on the deed, but it's not really in your husband's benefit to have you on the deed (asset) but not the mortgage (liability).  Getting on the mortgage likely requires refinancing ($).  I wasn't thrilled I wasn't on the condo documents which my husband had before me, and his mom was on them instead, but I sucked it up for the reason that we were planning on selling the condo and buying a house together, which we did a few years later.

Get a will done so items don't need to pass through probate - even if you like it, it can be time consuming and complicated.  (In my state, once you have kids...and both of you *only* have kids with each other, then it 100% goes to the wife.  If my husband died today without kids, his parents would receive 1/4 each after a certain exclusion amount.  I would get the exclusion amount and the 1/2).

[Frankies Girl]

For any retirement/trading account, there can be only one owner, and I've not seen an account that wouldn't allow a named beneficiary (not that means that there isn't one, but I have a taxable investment account, 401k, traditional IRA, rollover IRA and a Roth and all allow beneficiaries).

To check the beneficiary arrangement on the FID account, all he needs to do is log in, go to Accounts & Trade, then Update Accounts/Features (towards the bottom of the list), then Account Access Rights (Power of Attorney and Trading Authorization), and then Beneficiary Information. This will pull up who is the beneficiary (if any) and should give him the option to either update online or instructions on how to do so. If there is no designation, then the account(s) would fall into the area of probate, meaning that they'd eventually pass to you once the estate was settled, but if there is a beneficiary or transfer on death designation, then you get possession within a week or two at most after sending in the paperwork and a death certificate.

I have my retirement accounts (401k, Roth, traditional IRA) set up with the husband as the sole beneficiary, but the taxable account is also designated "TOD" for transfer on death after the account number, in addition to having him as the beneficiary. That also means that none of these accounts will go through probate.

And from what I sort of understand, if you're not on the house deed, but still his sole beneficiary, then the house would eventually come to you (and i can't imagine there being any issues with you continuing to live there during probate), but it would have to go through probate and would be counted as part of his estate (same thing for any accounts you're not already named as a beneficiary). This is what happened when my dad died, and honestly, it was easy with the stuff that was already set up with beneficiaries... took almost a year to get possession of the non-beneficiary accounts.

[GizmoTX]

Do you & your DH have wills? Current ones that include child issues?
This is far more important than getting both names on your house or accounts.
There are three scenarios to be decided: 1) One partner dies, 2) Both parents die, leaving children, 3) The entire family dies.
All three must be addressed in a comprehensive will. Each spouse must have a will, which can mirror the other except for your separate property (such as the house) & any bequests to extended family or charitable organizations.
You & your spouse should decide these issues, & then see an attorney to convert them into language that is legally acceptable in your state.

[COlady]

We don't have wills yet because we thought we needed to wait until after the babies are born. Can we get them now or do we need to wait? I was planning on taking care of that while on maternity leave.

[lizzzi]

COlady, if I were you and your husband, I would look for an estate planning or family law attorney in your state who would give you a free, one-hour consultation. That would point you in the right direction for what you and your husband need to do in your state to set up your advance directives.  You would find out what you might need to pay for and what you might be able to set up yourselves. I don't think I'd wait until your children are born.

[COlady]

Lizzi, that's a good idea. I'll start asking around for recommendations.

[GizmoTX]

Don't delay -- you need wills NOW. Most people would not be happy with the "standard" will your state provides if either of you die without your own. Cover the issue of children by including "present & future children by birth or adoption", so you don't have to revise your wills with every change & all are thus accounted for. Plan on revising your wills in 18 years or so when those children become legal adults.

A good lawyer is crucial to finalize your wishes. It's too late if you find out that a DIY will doesn't work in your state. However, doing your decision making in advance will reduce the cost, as lawyers bill by time expended, including educating you. Do let the lawyer be creative with your individual situation.

[RetiredAt63]

Do the wills now.  A lawyer experienced with family law will know how to do the wording to anticipate the baby.  Mine had my choices if my DD died first, if my sister and her kids died as well, until I had no living relatives to leave anything to.

Another thing to consider - what if you and your husband died and there were surviving children?  Not just the money - who would be the guardians?  There are two parts to that - financial and custodial.  I have seen it where parents wold have wanted close friends to take the children, but because there was nothing official, the children were brought up by relatives, who were not the parents' first choice.

[GizmoTX]

Guardianship of your children does not have to be the same person that manages the money left to support them. If you choose guardians who are older than yourselves, plan on revisiting this in 10 years. Also, list 2 or 3 in sequence, in case your first choice is unable.

[Rural]

How the house thing works depends entirely on the state. We've just gotten us both on our properties, which took getting new deeds drawn up by a lawyer (at $150 apiece) and then filing the deeds at the courthouse ($12, I think).


It matters here because with real property in only one name, even with a will, it goes to probate. Then any debtors have a claim on the estate, which is in probate, which means at least time and annoyance, and at worst could force a sale of the house if there were a large debt (which we don't have, but still).


It very much depends on your state laws, but in our case, it was advantageous. We don't have a mortgage, so it was nobody's business but ours whose name was on the property. Look up your state; there's more than one kind of joint deed here, too.

[RetiredAt63]

Yes - that is why I said financial and custodial.  In fact, I think there should be at least one person not involved with raising the children who is watching the money.  If there is no-one in the family, a financial institution can do this.

Guardianship of your children does not have to be the same person that manages the money left to support them. If you choose guardians who are older than yourselves, plan on revisiting this in 10 years. Also, list 2 or 3 in sequence, in case your first choice is unable.