Pros and Cons of Putting House in Trust
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Anonymous
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DH and I will be buying a home soon but I will be putting down the downpayment and paying the mortgage for the foreseeable future as DH cannot afford to contribute. He has two children from a previous marriage will need to pay child support for at least 10 more years. We also have two children together. I would like this house to go to our children together when we die. Spoke to a lawyer who suggested that I put the house only in my name or put it in a trust. What are the pros and cons of putting it in a trust? He explained that when I want to refinance, I'd need to pay to take it out of the trust temporarily and put back in.
Before people bash me for not wanting to also provide for my stepchildren, I am fine dividing our joint accounts and any future assets equally among all children, but since this home will be purchased using funds ($200k) I had before we were married, and I will be paying for the mortgage, I would like it to go to our children together. |
Anonymous
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I can see the downpayment as being "saved" for your children, but I don't see how the mortgage comes only out of your money. Do you keep entirely separate checking accounts? How do you pay for groceries, utilities, cars, health care, and your children's expenses? It's really not fair to say that DH's income goes towards only those expenses that are consumed and/or lose value over time, but that you get to direct your income towards the house.
You need to talk to trusts and wills/estate attorney. They are very, very familiar with your concerns and can help to set up an inheritance that will be fair to all the children involved. |
Anonymous
I can see the arguments now... "this is MY house...." |
Anonymous
| Op, take the mortgage out in just your name, that's fine. |
Anonymous
And deed the house only in your name, too. That's fine as well. |
Anonymous
| And execute a Will. |
Anonymous
| Post nup might be needed. Sounds like your husband needs a different job if he can't pay for the children he has. |
Anonymous
| Yes, do it under your name only and put your kids as recipient when you died. |
Anonymous
| Title the house in both of your names or just yours, it doesn't really matter. If it's in just your name and you die, it goes to him. If it's in both your names and you die, it goes to him. You need to specify in your will that your half of the house, upon your death, will be put into a trust for your children. You can put it in a trust now, but again you then have to specify in your trust documents that the house should go to your kids. |
Anonymous
pp makes a good point. If she earns $5,000 and he earns $5,000 and the monthly spend is $10,000 for the family, it's sort of absurd to say she and she alone is paying the mortgage because she couldn't have the rest of the lifestyle without his half of the income. That's some pretty artificial accounting right there. |
Anonymous
| Maybe you should have thought about his 2 kids before you married him and had 2 more kids with him. Was he still married when you started dating him. |
Anonymous
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Wow so his youngest is only 8 and you've managed to have two children with him in that 8 years? And you are worried about how to cut his 8 year old out of the will?
Keep it classy, lady? |
Anonymous
OP here - youngest is 12 but I am assuming that he will go to college, so 10 more years of support. I earn double what he makes and had assets from before we got married, so yes, I would truly be the one covering this new cost. I could put the house only in my name but I don't think that would be fair. I'm ok with the house in both of our names but just want this particular asset to go to our kids. |
Anonymous
And this sort of crap where you want more to go to your joint kids than his kids when you die in 50 years is exactly why step mothers get called stepmother from hell. |
Anonymous
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I hope he designates his current assets and life insurance solely to his "previous" kids should he die, in that case- you know- to be fair. Since they were entitled to it before your "new kids" came on the scene. When he does first your kids (and you) should not get a dime of it based on the way you think.
People like you make me sick. |