Does someone who is not related to you live with you? Is there someone living with you whose name is not on the deed to the house? What happens to that person if you die before he or she does? This is when you want to consider whether you need to preserve a life estate for that person.
What is a life estate? A life estate permits a person who is not on the deed to continue to live in the house for his or her lifetime. Upon his or her death, the house could go to whomever you choose. You want to make sure your Will has a provision similar to the following:
I devise and bequeath my house at ________ together with all household goods and furnishings therein, and all policies of insurance on said real and personal property, to my ________ for life so long as she/he desires to use such premises as a home and pays all costs of maintenance thereof, including taxes, assessments, insurance and ordinary repairs, said property to be insured in a reasonable amount insuring the interest of the remaindermen as well as herself/himself.
Upon the death of _________ or at such prior time as she/he no longer uses said premises as a home for herself/himself, I direct my Executor to sell said real and personal property and distribute the net proceeds thereof to _________.
Let us help you with all of your estate planning needs. Contact us at http://www.ythlaw.com/
What is a life estate? A life estate permits a person who is not on the deed to continue to live in the house for his or her lifetime. Upon his or her death, the house could go to whomever you choose. You want to make sure your Will has a provision similar to the following:
I devise and bequeath my house at ________ together with all household goods and furnishings therein, and all policies of insurance on said real and personal property, to my ________ for life so long as she/he desires to use such premises as a home and pays all costs of maintenance thereof, including taxes, assessments, insurance and ordinary repairs, said property to be insured in a reasonable amount insuring the interest of the remaindermen as well as herself/himself.
Upon the death of _________ or at such prior time as she/he no longer uses said premises as a home for herself/himself, I direct my Executor to sell said real and personal property and distribute the net proceeds thereof to _________.
Let us help you with all of your estate planning needs. Contact us at http://www.ythlaw.com/
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