How does one assure in a Will that a surviving spouse can remain in the home but the home will eventually go to the surviving children?
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How does one assure in a Will that a surviving spouse can remain in the home but the home will eventually go to the surviving children?
Asked on August 9, 2015 under Estate Planning, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You give the spouse a life estate in the home, with the children as the "remaindermen." The life estate means the apouse can live there for life, but not sell the property (and has to help keep it up), while the remainder interest means the children receive the property on the spouse's death. A teusts and estates attorney can draft a will including this.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You give the spouse a life estate in the home, with the children as the "remaindermen." The life estate means the apouse can live there for life, but not sell the property (and has to help keep it up), while the remainder interest means the children receive the property on the spouse's death. A teusts and estates attorney can draft a will including this.
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