How do I ensure that an asset or property is left to my children when I pass?

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 or more options to consider to protect the home, as you desire. Although some of those are mentioned below, there could be others. In final analysis, you should contact a local attorney to help you take the proper steps for your overall situation.

You may be able to deed the property to the children and reserve a life estate for your life which would entitle you to exclusive use, possession and income for your life. Another option would be to convey the property to a trust (there are many types) with you named as beneficiary for your life and thereafter the property could go to the children. You could keep the property and leave the property to your children in your Will (there could be issues here if you remarry and the Will would not take effect until you die and could be lost, etc.).

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.

Sign in with Google
Sign in with Google