Can an estate provide an income to someone named in the will?
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Can an estate provide an income to someone named in the will?
My significant other of 22 years was recently diagnosed with Stage 4 Cancer. He owns 2 commercial buildings Empire Industrial Park LLC and Sunset Properties LLC. His will provides his son to have Empire and myself the other. This is our dilemma, at this time Sunset doesn’t have a tenant so the building is generating no income but yet still has an outstanding note. I am not able to support this building with no tenant so we were wondering if the will could be amended somehow so that on my S.O. passing Empire were to pay me a named amount monthly until which time the building was either sold or leased. Is there any legally binding way of doing this?
Asked on July 10, 2018 under Estate Planning, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Yes, this is perfectly legal, and there is a simple and legally binding way of doing this: since your significant other is alive, he can amend, revise, or replace his will whenever he wants--the only requirement is that the amendment or new will be signed and witnessed the way the original will was. He can come out with an entirely new will which replaces the old (probably the best way; less chance of confusion) or an amendment or "codicil" to the existing will which makes the change you want. Consult with a trusts and estates attorney, who can decide the best way to do this, draft the document, and make sure it is properly signed and witnessed.
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