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lwpat, Lawyer
Category: Family Law
Satisfied Customers: 25387
Experience:  Practicing family law attorney
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We live in Hawaii. My wife is going to be on the mortgage

Resolved Question:

We live in Hawaii. My wife is going to be on the mortgage of a rental property we want to buy because she has a known monthly retirement income and I am self-employed.
I wonder if it would be better to put us both on the deed or only her on the deed. It seems only her would limit our joint liability, but I am concerned that this might cause a problem in the event she should pre-decease me.
Submitted: 5 years ago.
Category: Family Law
Expert:  lwpat replied 5 years ago.
Thank you for your question and for using JA. Please click accept so I will receive credit from JA for my time.

What is often recommended for rental or business property is to form an LLC with both of you as equal owners. Then the property is deeded to the LLC and the LLC agrees to assume and be responsible for the mortgage even though it is still in the individual name. This provides you personal liability protection and also avoids probate of the real estate.
Customer: replied 5 years ago.
I guess my question is really about Hawaii law: If my spouse should die and the real property is in her name alone, whether Hawaii would in fact require me to go through probate or if the property would automatically transfer to me.
Expert:  lwpat replied 5 years ago.
If the property is in her name only, it would have to go through probate.
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