Home Buying in Laramie>Question Details

Sohu, Home Buyer in Laramie, WY

only my name on the house title and loan. during the loan term if i die, does my wife can still pay the loan? does my wife own the house? in Wyoming

Asked by Sohu, Laramie, WY Fri Dec 23, 2011

only my name on the house title and loan. during the loan term if i die, does my wife can still pay the loan? does my wife own the house? or does she lose the house? in Wyoming

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You need to contact an Estate Planner/Attorney to make sure you are covered the way you want to be when you pass away.
0 votes Thank Flag Link Sat Dec 24, 2011
Sohu,
This is a legal question about real estate. Since we are not attorney's our answers will be limited, but if in doubt, discuss this with an attorney who does estate work. It may be as simple as setting up a will to pass the house to your wife in the event of your death. As long as the payments are made, I doubt the lender will care. It may be useful though to send them your written authorization to speak with her regarding the loan. That way, if you are injured but still alive she can talk to them if necessary.
Estate planning is a very important step when you have a family and any assets. I used to hear an attorney on the radio say, "If you don't have a will of your own, the state will prepare one for you." The message is that the State's will may not meet your wishes. Better to be safe than sorry.
0 votes Thank Flag Link Fri Dec 23, 2011
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