More details to this question:
I'd like to leave the tenancy of my property for 10 years to my present tenant after my death, and then allow the sale of this property to benefit my nephews and niece. Is that legal? How would I word such a codicil? And thank you.
1 ANSWER
3 Awards
That would require putting the property into a trust, so that the trust can administer the property for ten years. Otherwise, who is legally responsible if, for example, the tenants trash the place, or the place burns down, or ... And you would need to spell out who is responsible to pay for taxes, insurance etc., and what happens if those are not kept up. You should consult with an attorney about how and whether to do this.
Answered on Aug 09th, 2016 at 5:31 PM