How can I protect my house for my children if I remarry?

Full question:

I own a house in California which I promised my late husband I would preserve the asset for our children. Now I live in Indiana and want to remarry. Is seperate bookkeeping necessary to preserve the house from being sold by my new husband's heirs when we have both passed on? We would want to have access to the rental income during our lifetime.

Answer:

You have several options to protect the home for your children. Here are a few to consider:

  • You could deed the property to your children while reserving a life estate for yourself. This means you would have exclusive use, possession, and income from the property during your lifetime.
  • Another option is to place the property in a trust, naming yourself as the beneficiary for your lifetime. After your passing, the property would go to your children.
  • You could also keep the property and leave it to your children in your will. However, be aware that if you remarry, the will may not take effect until your death, which could lead to complications.

It's advisable to consult a local attorney to ensure you take the right steps for your situation.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

To protect your assets when remarrying, consider creating a prenuptial agreement that specifies ownership and distribution of your assets. You can also place assets in a trust, ensuring they go to your children after your death. Keeping separate accounts and maintaining clear records of your assets can help protect them from claims by your new spouse's heirs. Consulting with a local attorney can provide tailored advice for your situation.