From our “Ask a Question” mailbag: I want to leave my long time partner my house. However, at his death I want it sold so the money can pass to my nieces. How can I make sure this happens?
This is a common issue with gay and lesbian couples. Often, one partner owns the house and—though they want their partner to be able to live in the house until the partner’s death — there is a concern about putting the house into the surviving partner’s name.
One option that often works well is to form a trust in your will into which the house passes at your death. If drafted correctly, the partner can live in the house, but the house itself is then sheltered from the surviving partner’s creditors and other future legal “complications.” At the surviving Partner’s death, you can then spell out in the trust what happens to the house.
There are other options, but the best way to sort out what answer best fits your situation is to have a free consultation. We can review your assets and your concerns about your Partner and you can then decide which, if any, of the options satisfy your specific situation.
If you have any other questions about LGBT Estate Planning, feel free to contact our office for a free consultation with one of our LGBT Estate Planning Attorneys.