What is the name of your state (only U.S. law)? Florida
My father wants to get his affairs in order because he has cancer. He would like to be able to leave his house to me, my two sisters and his wife (four equal shares). However, he wants a provision that his wife is to be able to continue to live in the house until her death. His lawyer told him that he cannot have his will drawn up this way and that his wife would receive the entire house and his children would receive nothing. My thoughts were that he could set up a trust to place the house in with each of the 4 of us being an equal beneficiary of this trust. The trust agreement could stipulate that the house was not to be sold/liquidated until the death of his wife or a mutually agreed upon date of the four beneficiaries. Do you know if an agreement of this type would work? If not, do you have other suggestions on how my father can proceed?What is the name of your state (only U.S. law)?
My father wants to get his affairs in order because he has cancer. He would like to be able to leave his house to me, my two sisters and his wife (four equal shares). However, he wants a provision that his wife is to be able to continue to live in the house until her death. His lawyer told him that he cannot have his will drawn up this way and that his wife would receive the entire house and his children would receive nothing. My thoughts were that he could set up a trust to place the house in with each of the 4 of us being an equal beneficiary of this trust. The trust agreement could stipulate that the house was not to be sold/liquidated until the death of his wife or a mutually agreed upon date of the four beneficiaries. Do you know if an agreement of this type would work? If not, do you have other suggestions on how my father can proceed?What is the name of your state (only U.S. law)?