Legal Question in Real Estate Law in Arizona

Re: property deed

You really should see an attorney. Why is the title Tenants in Common?

The problem you're going to have with your plan to split equally between your respective kids, is that you probably will not die at the same time. So, after the first of you dies, there is no guarantee that the survivor won't remarry and leave the house to his/her new family.

See an estate planning attorney to consider your options. A living trust may work. Or, you could equalize your respective estates with life insurance. There are several options. Good luck.

Re: property deed

I strongly suggest that you make new Wills and consider creating a trust as well. You should also consider changing the way you hold title to the property, as an interim step in your estate planning process.

Because you describe yours as a second marriage, each with separate children, there are several issues involved.

First, consider that during your joint lifetimes, you may need to sell the house, and after the first spouse passes, the surviving spouse may need the proceeds from the sale of the house for their health, maintenance and support.

Second, if you want to provide that the house goes first 100% to the surviving spouse, and then 50-50 to the children, you may not give the entire ownership to the surviving spouse, you must create a remainder interest in the children. A trust will allow you to do this now, and still modify the arrangement along the way as you see fit.