How do I make sure there is an inheritance leftover for family once my partner dies?
From our “Ask a Question” Mailbag: Philadelphia LGBT Trust Planning for the Future
Most Recently Updated July 22, 2018.
“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?”
Philadelphia LGBT Trust Planning for the Future
Philadelphia LGBT Trust Planning for the Future
This is a common issue with LGBT 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.
More Planning Questions?
The trust document is 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: Philadelphia LGBT Trust Planning for the Future
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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Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, LGBT, LGBT Estate Planning, Pennsylvania, Philadelphia, Trusts
