Remarriage after death or divorce is not uncommon. If you are in a second marriage and have children from an earlier marriage you may want spouse #2 to be able to live in the home after your death, but, at the same time, may want to be sure the home passes to your children after your spouse’s death. How do you do that?
- A risky option: Leave the home to your spouse and hope he/she will honor your wishes and pass the home to your children after his/her death. This may or may not happen. A variation on this theme is to make your spouse a joint owner. If you die first, you are in the same boat; your spouse may or may not honor your wishes.
- Safer option 1: Give your spouse a right to live in the home for as long as he/she chooses. You can specify the terms that must be followed, including when the right to occupy the home ends. When it ends, the home passes to your children.
- Safer option 2: Create a Trust that will own the home. The Trust will be managed by a Trustee (a child or a trusted relative or friend). As with the right to live in the home, you can specify the terms that must be followed, such as who pays for taxes, utilities, and maintenance, and when your spouse’s right to continue to live in the home ends. The trust will provide that when the spouse’s right to occupy ends, the home passes to your children.
If you are interested in learning more about protecting your home for your spouse and children please call the office to schedule an appointment. We would be glad to meet with you for a no hassle initial consultation, free of charge, no matter how long it lasts.