If I have property in both mine and my daughtre’s namse becauseI co-signed the mortgage,do I need to put in my Will that it goes to her and not my wife?
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If I have property in both mine and my daughtre’s namse becauseI co-signed the mortgage,do I need to put in my Will that it goes to her and not my wife?
What problems will they have if I die? I’m in a community property state.
Asked on December 14, 2011 under Estate Planning, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
First, you need to see what the deed states how you and your daughter hold title to the real property you have written about. If it is in joint tenancy with the right of survivorship, then you do not need a Will assuming you pass before your daughter. The reason is that the joint tenancy deed by operation of law transfers title to the survivor of you two.
You might also consider transferring a certain percentage of the property (up to $13,000 per your) to your daughter until your interests in it are gone. I suggest that you consult with a Wills and trust attorney further about your question.
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