Property Rights

[ldstone57]

What is the name of your state? Virginia

I own my home (sole ownership). My partner has lived with me for several years. We may get married within a year or so. My father will be giving me some land, and my intent is to build a new home on that land. In addition, I am planning to build an "inlaw suite" so that my father can eventually move in with us. He is 70 now and healthy. My partner and I are approaching 50 years old, and I know he feels he should have some interest in this new home, however, from a financial standpoint, he is not able to contribute to the home's equity. Obviously, including his name on the deed concerns me for a couple of reasons: 1) In the event of divorce, he would not deserve half of the equity in my home -- although he should certainly get something, and 2) In the event I die before my father, I would not be able to will him lifetime rights to live in the house. My question is what is the best way to handle this so that it's fair to everyone? I'm not keen on prenuptial agreements and am wondering if a trust might be an appropriate tool.

 

[LdiJ]

What is the name of your state? Virginia

I own my home (sole ownership). My partner has lived with me for several years. We may get married within a year or so. My father will be giving me some land, and my intent is to build a new home on that land. In addition, I am planning to build an "inlaw suite" so that my father can eventually move in with us. He is 70 now and healthy. My partner and I are approaching 50 years old, and I know he feels he should have some interest in this new home, however, from a financial standpoint, he is not able to contribute to the home's equity. Obviously, including his name on the deed concerns me for a couple of reasons: 1) In the event of divorce, he would not deserve half of the equity in my home -- although he should certainly get something, and 2) In the event I die before my father, I would not be able to will him lifetime rights to live in the house. My question is what is the best way to handle this so that it's fair to everyone? I'm not keen on prenuptial agreements and am wondering if a trust might be an appropriate tool.

It would honestly not be wise to include your partner on the deed of the home if the two of you are not married. I am also not sure that you need to complicate things with a trust. However, if you also have children that you would want to benefit from your estate, a trust may be a way to preserve the asset. You really need to consult with a couple of attorneys. Perhaps one that specializes in family law, and one that specializes in estate planning.

If I were in your shoes, I probably would own the home soley and leave life tenancies to both your partner (should you marry) and your father jointly.