Legal Question in Wills and Trusts in Iowa

Wills

My new husband and I have been married for 2 years (I'm 56, he's 68)and we're working on our wills. He wants to give his house, which is mortgage free, to his daughter after he dies. I would like to propose to him that I be allowed to live in the house until I die and then have the house go to his daughter. We are both healthy and I would not be surprised if we see our 25th wedding anniversary (his Mother is 96 and his Father died at age 88. My parents both died when they were 80) Also, he said that if we should decide to sell this house and move, he wants to keep the money from the sale of the house aside for his daughter. I think that money would better be used for our new home and leave the new home in the will for his daughter. What is the best way to handle this situation so that both of us are happy?


Asked on 3/21/07, 10:49 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Wills

There is no right or wrong answer in this situation. If he paid off the mortgage before you were married, I can certainly see his side that the house should go to his daughter. You also have a very good point that you would need a place to live if he passed away before you. He could leave the house to his daughter, with a life estate to you. This means that his daughter would own the home subject to your right to life the rest of your life there. I am not sure I understand his plan to sell the house and give the money to his daughter, unless he plans also get a mortgage to buy a new house.

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Answered on 3/21/07, 4:30 pm


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