If I’m remarried what kind of Will is best for me and my children?
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If I’m remarried what kind of Will is best for me and my children?
I have a home that I owned before remarrying with my 2 adult children that also still live here. The house remains under my name only. I don’t have anyone else listed on the deed and I don’t want anyone listed on it. I want to make sure the home goes to both of my children not my husband. Can I use a Will and testament to cover and hold the house for my children or can my husband and maybe his children try to take over the house? I’m very concerned and worried about that.
Asked on July 12, 2011 under Estate Planning, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is very wise of you to think about this sooner rather than later. But there are so mnay more things to consider her and I would suggest that you seek help from an estate planner as soon as you can. You could have the house pass to your children in the estate but then it will become part of the estate and you will have to pay estate taxes on it. It may be best to place your children's name on the house now and give them rights of survivorship so it passes to them automatically when you pass away. But did you want your Husband to be out in the cold? You may want to consider a life estate for him. He can elect against the estate in New York for a portion he is entitled to under the statues. So seek help here. Good luck.
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