QUESTION
What are the laws regarding estate planning and how do I make my will legally binding?
Asked on Jul 12th, 2011 on Estate Planning - Georgia
More details to this question:
I would like to leave a house to my son in my will, however upon his death I do not want his girlfriend to inherit it. I would like his daughter to inherit it. Is it possible to put this in my will and will it be legally binding?
4 ANSWERS
Theodore W. Robinson
Yes, it can be done withwhat's known as a "Life Estate" whichyou would give to him for the term of his lifetime and, then, upon his death, it would go to your granddaughter - just as you wish. Speak to an experiencedestate attorney aboutsetting up a Will that will do just that for you. It's a pretty normal Will, but it will take a little more work to do than a normal Will, but it's worth it if you get to do what you want with your home. Good luck.
Answered on Jul 19th, 2011 at 9:58 AM
A validly executed will (or Trust) is legally binding. If your son inherits your house through your will after you pass, then upon his death the house would pass through his own estate (e.g. to whomever he leaves it to in his own will). If your son passes before you, then your own estate plan would determine who is "next in line" to receive it. If you want to have some control over the way your property passes after your death and avoid the involvement of the probate court in the process, you might want to consider whether a Living Trust is appropriate for your situation. If you create a trust and transfer your house to that trust, you could (for example) create a provision that upon your death, your son may have use of the property for the remainder of his life (and even the ability to sell it if that's what you want), but that upon his death, the house passes to the next beneficiary YOU named (not to his own beneficiary). I recommend you speak with an attorney who can discuss your options with you in greater detail.
Answered on Jul 18th, 2011 at 11:09 AM
You should consult an estate planning attorney familiar with Indiana Code title 29. What you intend to do, as described, is possible with the proper planning.
Answered on Jul 18th, 2011 at 11:08 AM
Glen Edward Ashman
You will want an experienced lawyer to draft the language, but there are ways to do exactly what you say. Through proper use of devices like life estates and trusts inside the will, this type thing can be done. This is not something to try on your own.
Answered on Jul 16th, 2011 at 5:46 AM