Last Topic: 3:56:45pm, 08/31/2023
Last Post: 7:23:10pm, 10/22/2023
Oh didn't see your last post till I had already posted.
Another thing you can do is give your boyfriend 1-2% ownership in your home (tenants in common I believe is the term). You can write a contract stating at any time you can buy back that % of ownership for X amount of money (so if you ever break up or need to own it all you can have it back). That is better than leaving it to him, because if you are tenants in common and one of the owners passes, the other owns the full amount (because you no longer legally exist to own the 98%). This prevents taxes and other annoying problems you have to deal with when leaving things to someone.
In addition if you do owe any debts (not student loans but anything else...medical bills etc), the house will still go directly to him and not be on "hold" until it has gone through probate.
To add to this, you can also add someones name to any CD's you have etc, this again will make them go directly to them (not waiting for probate, no taxes etc), but they can't actually cash out the CD unless you die (so it's still just your money, but if you go poof, it's now their money without having to deal with debt/probate etc.
CD's are a good way to put any savings away safely (no worries about identity theft etc, while still making a decent amount of interest in a safe way (safer than the stock market etc).
You both could also just invest in one together if you are both working, and have a shared nest egg for the future, but also backup if either of you croaks so you have something to help you cope if you get mega depressed and hate life for awhile.
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Tacobot 3000 "Saving the world from not having tacos."
Friends don't make their friends die Hanz. Psychopathic friends do.