Legal Question in Wills and Trusts in California
My Children's Home
I I am remarried to a man with three birth children and an outstanding court judgement from his second divorce. I was given one to five years to live. That has just been cut down to less than nine months.
I am refinacing my house so that my husband can afford the house note on a 30 note on his income. It will be around $800.00 per month. He will get the surving spouse money from my projected retirement income starting at age 60 (he's 55yrs old).
The house belongs to my birth children. Not to his exwife or his birth children. What can I do to ensure that my chi;dren get the house. I want my husband to live here until his death if he wants to because it's a nice $300,000.oo home in a good neighborhod. My children will get the house then. He and my children agreed with my requests at first. The problem is his legal judgement and his birth children. The worst is he fell that my children should not get anything at all now. Mu hisband will not get any of my TSA funds. I bought this house and paid into those accounts before I met him. He feels that what's his is mine and wants me to agree. He has nothing ecept a legal judgement agaist him.
What can I do?
2 Answers from Attorneys
Re: My Children's Home
I agree with Ms. Sirkin--you can let your husband use the house for as long as he needs/wants to, but you do not have to give it to him outright. This would protect it from his creditors and also protect your childrens' inheritance.
Regarding your childrens' inheritance, you certainly can leave the retirement account to them, as well as the house--this may require your husband signing a waiver of the account, but he sounds agreeable.
The important thing is that you take care of this as soon as possible--if you do not, your husband will share a piece of the estate with your children, and likely all parties would be unhappy with the result. I'm sorry you're placed in this position at a bad time, but I wish you well, and the actual process should not be difficult for an estate planning attorney.
Re: My Children's Home
It sounds like you will need to seek local counsel to advise you regarding a life estate to your husband re your house, and the residue to your children when he dies. The life estate can be made in such a way that is not attachable. The retirement account proceeds can go in a trust, which pays the mortgage on the house. Please go see an attorney. This one should NOT be done without a professional.
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