This question has become quite commonplace since blended families are more prevalent. It is also a great question to ask your lawyer in Tampa about. Your lawyer in Tampa will be able to explain estate planning and the many delicate intricate that comes with it. If you find yourself in this situation, your lawyer in Tampa can help you find the necessary remedy. But, in the meantime let’s go over it.
If the owner of the house dies and wills the house to their surviving spouse, with the stipulations that they pay the taxes, insurance costs, and maintain the house, that is up to them. That way their spouse will still have a home. But, the decedent may have also stipulated that upon the sale of the home, the proceeds should be distributed to their children from their previous marriage.
It sounds fair enough. The surviving spouse gets a place to live. But, there are some glaring issues. What happens if the house is too big or too expensive? If the surviving spouse is forced to sell the home, they won’t receive the funds from the sale since it was willed to the decedent’s children.
That’s why it is in the interest of both the children and the surviving spouse to benefit from the proceeds of the sale. That way the surviving spouse can downsize. This makes sense because if they could live in the bigger house for life, the children wouldn’t see the proceeds of the sale until much later. Another solution is to have your trusted lawyer become the co-trustee. This will allow them to ensure that the funds or proceeds from the sale can support the surviving spouse until they pass and then pass on to the decedent’s children, again once the second spouse passes.
Don’t forget to plan for the house itself. Leaving the house to your spouse for life can have issues in of itself. Usually, the children will be burdened with covering any major repairs that are necessary. If this is a cause for concern, speak with your lawyer in Tampa about how best to plan for this
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