Life Estate for Companion?

[NaplesRWB]

I own my Florida home jointly with my companion. When either passes away we have written separately from our wills that the survivor is to remain in the home, or a replacement home using the proceeds from the first home, so long as they live or otherwise leave.
My concern (since I likely will go first) is that her children (one an attorney) may be able to manipulate matters to their benefit and deny my children the right to inherit what is rightfully theirs when the home is ultimately sold.
Is there someway to build such an arrangement into a will - - OR
what sort of document might be more legally sound than a letter agreement that we now have?
Rich

 

[seniorjudge]

I own my Florida home jointly with my companion. When either passes away we have written separately from our wills that the survivor is to remain in the home, or a replacement home using the proceeds from the first home, so long as they live or otherwise leave.
My concern (since I likely will go first) is that her children (one an attorney) may be able to manipulate matters to their benefit and deny my children the right to inherit what is rightfully theirs when the home is ultimately sold.
Is there someway to build such an arrangement into a will - - OR
what sort of document might be more legally sound than a letter agreement that we now have?
Rich

It sounds to me like y'all need to do some serious estate planning with a real estate lawyer.

A living (revocable) trust may be exactly what you need.

Hire local counsel.

 

[OHgurl2002]

Life Estate

from what you've described, you want your companion to have a life estate (meaning that they can live there for as long as they're alive). A life estate ends when the life tenant (your companion) passes. Upon her passing it would go to your designated remainderman, your children. This however would completely bypass your companion's children, so you may wish to name your children and hers as the remaindermen, sharing jointly in the estate.

 

[seniorjudge]

from what you've described, you want your companion to have a life estate (meaning that they can live there for as long as they're alive). A life estate ends when the life tenant (your companion) passes. Upon her passing it would go to your designated remainderman, your children. This however would completely bypass your companion's children, so you may wish to name your children and hers as the remaindermen, sharing jointly in the estate.

Did you notice this?

I own my Florida home jointly with my companion.

It is unclear to me why the companion would want to give up her share in exchange for a life estate?

What's the story there?

 

[NaplesRWB]

I am not clear on the mechanics. The Florida property is presently owned jointly by me and my companion (not legally married). In order for her to continue living here after my passing, should I indicate in my will that my half undivided ownership goes to my companion as a Life Estate then to the Remaindermen (only my children) upon her passing (in order to prohibit her heirs from claims to my half ownership)? ----Or----?

 

[seniorjudge]

I am not clear on the mechanics. The Florida property is presently owned jointly by me and my companion (not legally married). In order for her to continue living here after my passing, should I indicate in my will that my half undivided ownership goes to my companion as a Life Estate then to the Remaindermen (only my children) upon her passing (in order to prohibit her heirs from claims to my half ownership)? ----Or----?

Hire a lawyer; this is not a do-it-yourself deal, especially since you said: "My concern (since I likely will go first) is that her children (one an attorney) may be able to manipulate matters to their benefit and deny my children the right to inherit what is rightfully theirs when the home is ultimately sold."