What is the procedure to do a succession with my children from my spouse that passed?

Question

I want to buy a new house with my current spouse in order for when we both pass to have everything sold and split between all the children including step children.

Thomas Phipps · Answer

You have to set up wills or wills and a trust and provide for the distribution of property. You need an attorney who handles estate planning matters.

Robert Long · Answer

You need a trust that becomes partially irrevocable upon the first of you to die. That is the only way to ensure the step children share with the children of the survivor at the survivor's death. You need an estate planning attorney to put it in place.

Thomas Edward Gates · Answer

A will, will achieve your objective.

Victor Waid · Answer

I suggest you obtain the services of a probate estate planning attorney to accomplish your goals with the preparation of a trust, deposit the property into the trust, with provisions as to how you want to dispose of the property on your death; with the preparation of a trust, generally a backup pour over will be prepared to accomplish the same thing should the trust fail for some unknown reason. The trust is amendable or revocable should you change your mind about the disposition of the property.

James Frederick · Answer

There are a number of different options, depending on your objectives. Which planning tool works best depends on the facts of the situation and the people involved. There is no "one-size-fits-all" estate planning solution. It is one of the things that keeps my job interesting. I suggest that clients sit down and meet with a lawyer to discuss their situation in detail, in order to get a customized estate plan. Most lawyers do not charge for an initial consultation. That gives you a chance to ask any questions you may have and to determine if you feel comfortable with the lawyer, before deciding how to proceed.

Christine Socrates · Answer

The best vehicle in which to do this type of succession  planning is to execute a will and trust, but in the very least a will.  Since you have a new spouse, you want to make sure that the spouse is taken care of thorough out his/her lifetime and then split among all the children and stepchildren. This will ensure that the children will receive your estate after the second spouse has passed.  If done with only a will, the surviving spouse would be able to give property away during her lifetime and it is not certain that there will be assets left for the children.

Brian Haggerty · Answer

Make a will. If you and your new spouse agree what is to happen, you can make "mirror image" wills, but be careful  nothing stops the surviving spouse from changing the will after one of you dies. If your spouse is not in agreement, then insist that the deed to your new house be as tenants in common, and not tenants by the entirety. Then your will controls your half of the house.

Christine James · Answer

You need to meet with an estate planning attorney to put together a trust that will address your desires.  With a blended family, it is important you use a good attorney who can address everything and avoid issues after you and your wife have passed.  At James Law Group we make every effort to respond to you quickly and efficiently.  This means we may be responding to you from a mobile device.  As you know, responding on these devices can result in typographical errors that my otherwise not occur.  In order to provide this extra service, please be aware of this and excuse any errors that may be caused by responding in this forum.    The content of this message is protected by attorney-client privilege.

Norman Green · Answer

Best way is to set up a trust, and maybe a contract.

Dara J. Goldsmith · Answer

You really need to use a trust with an irrevocable provision as to the beneficiaries or two separate trusts that each own a portion.  Honestly you should consider a provision that requires sale and splitting of proceeds.  Speak with a qualified estate among attorney on your area.

Mark T. Peters · Answer

You could each have a will, but if one dies, the other could change it.  You could both deed a life estate to the two of you and upon your death, it would go to the other named children as remaindermen.  You could put the house in trust and upon the death of one of the grantors, the trust terms become irrevocable.  The middle one is easiest, but may cause problems if you need to sell the house in the future to pay for medical bills.

David Leon · Answer

You should each draft a will. The will would probably state that the surviving spouse gets a life estate from the deceased spouse's community property share, remainder to the children. The risk is that the surviving spouse can't afford to live there or wouldn't want to live there. They couldn't sell/reverse mortgage the house without consent from all children.

Jayne Sebby · Answer

Assuming you still own the house at the time of your death, you can transfer the property and all your other assets either via a will or a trust (used primarily on larger estates). The language in the document should clearly state that you want all of your assets sold and proceeds divided among your children. Then list explain how much (a percentage) you want each child to receive.

James Maguire · Answer

You will need an attorney experienced in probate law. It should be a fairly simple proceeding.

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What is the procedure to do a succession with my children from my spouse that passed?

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