I received inspiration to prepare this posting from an article I ran across this morning in the Wall Street Journal: What Happens When Your Husband Buys a House Without Telling You.
There’s a right and wrong way to do most everything. It’s amazing that someone can have such good intentions yet so completely miss the mark. Simply practicing the Golden Rule would in most cases prevent such a mess since most of us would not want our spouse making such a huge decision without consulting first. But I know first hand that the instances cited here are not isolated. About twenty years ago, one of my close relatives (can’t say which one for fear of stirring the pot) bought a house in Florida for his wife, without her ever seeing it. In fact, she did not even know that he was shopping for a house! Two decades later, it is still sitting on the market and remains a source of contention between them.
There is, however, a great time to at least consider giving your spouse a house. Did you know that in many states, when you pass away your real estate property does not automatically go to your surviving spouse? You can’t assume that your loved ones (and the not-so-loved as well) will know your wishes and you absolutely should not rely on the government to make these decisions. The solution is to take advantage of the latest technologies to quickly and affordably document your intentions in your essential estate planning forms (Will, Power of Attorney, Medical Surrogate, etc.). With online services like NetLaw, you can even avoid that evil known as probate by creating a Living Trust.
[/vc_column_text][heading]So, will you make wise or poor choices when it comes to giving your spouse a house?[/heading][/vc_column][/vc_row]