From our “Ask a Question” Mailbag: Camden County Trusts to Safeguard Real Estate for Life
Most Recently Updated July 20, 2018.
“My second husband and I live in a house that I own outright. If I die, I want him to be able to live in the house as long as he chooses, but I want my children to inherit the house when he moves out or dies. How do I keep them from evicting him from the house?”
Camden County Trusts to Safeguard Real Estate for Life
Avoiding conflict between children from the first marriage and the second spouse can be challenging, but if you are honest about the personalities involved, there is usually a way to satisfy everyone. One option in your case is to form a trust in your will that holds your house. The trust can be drafted to allow your husband to live in the house after your death, but he will have no ownership rights. Should he ever have future creditors they will have no claim to the property. The trust terms should also spell out which expenses he is responsible for. Typically these include items such as utilities, taxes, repairs, etc. The trustees of this trust can be your children or a neutral third party. At the time that your husband either no longer wants to live in the house or dies, the house then can be sold and the funds pass to your children.
More Planning Questions?
Trusts are only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: Camden County Trusts to Safeguard Real Estate for Life
I hope that this article was helpful in explaining trusts. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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