Legal Question in Wills and Trusts in Colorado
Joint tenancy and step children
My husband and I have been married for 3 years. We both have grown children from previous marriages and no children together. I currently own our home (my first husband died)which is valued at nearly 2 million. If I proceed him in death, my trust directs that he be allowed to reside at the property until his death. After he dies, the property is passed on to my children from my first marriage. My husband is uncomfortable with this arrangement and wants the property in joint tenancy (he has a difficult relationship with my oldest child). Is there anything he or I can do which will allow the property to be in joint tenancy, and allow it to pass on to my heirs only?
2 Answers from Attorneys
Re: Joint tenancy and step children
You should not place this property into joint tenancy until you consult with a qualified estate planning attorney. Should you do so and precede your husband in death then there is no assurance that the property or its value will ever get to your children.
Before taking any action, you should engage the services of a qualified estate planning attorney to assist you.
Re: Joint tenancy and step children
Placing your property into joint tenancy with your current spouse would create a situation where, if you predecease your spouse, he will then become the sole owner of the house. Upon his death, the house would go to his heirs (or beneficiaries, if he dies with a will). Unless his will provides otherwise, your own children from your previous marriage would not be in line for any inheritance from your spouse.
There are other means to accomplish what you wish. The trust you currently have in place sounds like one way. You might also consider using a life estate under the correct circumstances. I recommend that you contact an attorney in Colorado to discuss your situation in greater detail. This would be needed to determine which options might best suit you.
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