Legal Question in Wills and Trusts in Virginia
special stipulation in will for home
I have 4 adult surviving children to whom I would like to leave equal share of my estate (primarily my home). One of the children lives there with me. Can I leave the ownership to all 4 children while allowing for my son who lives there now the right to live there as long as he likes following my death, with the proceeds split 4 ways whenever house is sold? If so, is there any further stipulation I can make to ensure that the house is properly maintained while he lives there to protect the interests of my other children (taxes, insurance paid, maintenance, etc)? Thank you!
1 Answer from Attorneys
Re: special stipulation in will for home
You could give your son who currently resides in your home a life estate which would allow him to reside there until he dies if he chooses, or if he
chooses to sell with the concurrence of his other siblings, he could also purue that option with the right to receive his share of the sale proceeds.
You could also designate in your will that a portion of your estate be set aside for the payment of taxes, insurance, maintenance, and any other costs associated with maintaining the property while the son who received the life estate is in residence there.
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