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If my name was added to the NJ property that we are taking…

Customer Question
If my name was added...
If my name was added to the NJ property that we are taking an equity loan against, and something happened to me, would my children be entitled to anything?
Submitted: 4 months ago.Category: Legal
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Answered in 7 minutes by:
3/14/2018
Lawyer: Barrister, Attorney replied 4 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,572
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello again,

.

If you were added to the NJ property deed, that makes you a co-owner of it. So if something happened to you, your children would inherit that interest in the property. But the debt "sticks" to the property so if no one was paying the loan, then the bank would foreclose.

.

However, the children wouldn't be liable for the debt as only you or your estate would be liable.

.

.

thanks

Barrister

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Customer reply replied 4 months ago
IS THERE A WAY TO DESIGNATE WHO & HOW MUCH THEY WOULD BE ENTITLED TO?
Lawyer: Barrister, Attorney replied 4 months ago

Sure, you can draft a will that says you give A 25% and B 25% and C 50% of your interest in the property or whatever you want..

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Customer reply replied 4 months ago
DO I SEE A REAL ESTATE LAWYER? CON I DO IT MYSELF & GET IT NOTORIZED?
Lawyer: Barrister, Attorney replied 4 months ago

You can always do your own will... You can use a guided site like LegalZoom or RocketLawyer or you can just download forms you can fill out yourself from a site like USLegalforms.com for a small fee..

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