From our “Ask a Question” mailbag: My second husband and I live in a house that I own outright. If I die, I want him to be able to live in the house as long as he chooses, but I want my children to inherit the house when he moves out or dies. How do I keep them from evicting him from the house?
Avoiding conflict between children from the first marriage and the second spouse can be challenging, but if you are honest about the personalities involved, there is usually a way to satisfy everyone. One option in your case is to form a trust in your will that holds your house. The trust can be drafted to allow your husband to live in the house after your death, but he will have no ownership rights. Should he ever have future creditors they will have no claim to the property. The trust terms should also spell out which expenses he is responsible for. Typically these include items such as utilities, taxes, repairs, etc. The trustees of this trust can be your children or a neutral third party. At the time that your husband either no longer wants to live in the house or dies, the house then can be sold and the funds pass to your children.
If you have any other questions about Estate Planning, feel free to contact our office for a free consultation.