Can my spouse lives or rents my property until she die. And then my child start to take over this house?

Business 7 views 5 answers
I am 60s and want to have prenuptial and married. To make my girlfriend feels good and sign prenuptial, I allow her lives or rents my house until she die. After, my child or grandchild own this property. How could I do this? Write a Well or create a trust? Thank you.

Attorney Answers

5
E Golden ·
You need to sit down with a good estate planning or elder law attorney. The attorney will take a look at your goals and your finances and ask you a lot of "what if" questions before beginning to draft any documents. Your house is probably your most valuable asset and You do NOT want to try doing this without professional help.
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Sally Bergman ·
There is more than one way to accomplish what you want to do, but it will require the assistance of a good elder law and/or estate planning attorney. You are not likely to find a do-it-yourself solution anywhere.
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Joseph Pippen ·
I would recommend you have an estate planning attorney discuss your options including a Living Trust as a way to accomplish your goals.
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William Coyne ·
A life estate or a trust could each accomplish what you describe, but there are lots of other things to think about. Do you want your wife to be able to mortgage the property? Will she need the child to agree? What if there is damage, like a fire? How long will your child and grandchild have to wait to get their inheritance? How will they feel about that? You would be wise to talk with an estate planning attorney about these and other questions. It is very important that your will, trust, prenuptial agreement, and deed are all coordinated. Otherwise things may not turn out the way you wanted.
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