How To Leave My House to My Child is often a question asked of us?
This article will discuss the best way to leave your property upon death where a second marriage or partner is involved.
Your house is one of your most valuable assets and can be a major part of your estate, but what are your options within your will if you were to pass?
Often, an individual will leave all their estate to their spouse.
Whenever the family home is held in joint tenants, the surviving spouse will automatically be eligible to become the sole owner.
Sometimes, where there are blended families, a spouse may want to leave the house or its dollar value to their adult biological children, but let their second spouse stay in the house until they die or until they wish to move somewhere else.
This is called a “Life Interest” and can be written into your will in such a way that your spouse or children, or even a single child can remain in the home until they decide to leave or until they can no longer stay there unassisted. Once that particular person moves out of the house, it is available to be sold and the proceeds divided according to the wishes in your will.
A number of other issues arise in such cases like who will bear the costs of maintenance, will there be disharmony between the life interest holder and the other beneficiaries who may have to wait a long time to realise their inheritance form the sale of the property.
The team at A.L.F. Lawyers can prepare a will for you that gives you peace of mind that your loved ones will be taken care of your gone.
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