[WSBAPT] Fwd: Right to live in house after spouse passes

[Eric Nelsen]

Sounds like the first to die wants her/his interest ultimately to pass to someone other than the survivor? I have drafted that in various ways, though never with an option to purchase. I think I'd approach it by putting the first-to-die's one-half interest in a trust, name surviving spouse as trustee, then provide in the trust for the option to purchase (and define purchase price carefully, say by third-party appraiser hired by the remainder beneficiaries, with a right by surviving spouse to get her/his own appraisal or some other dispute resolution mechanism to resolve proper price).

Trust would automatically terminate after 5 years. Maybe also provide that surviving spouse's appointment as Trustee automatically expires at 5 years and Trustee appointment passes automatically to a remainder bene, so they can handle the deed transfer if the property hasn't been bought by the surviving spouse before then.

Anyway--I think a testamentary trust is a good vehicle for the limited right of occupancy coupled with an option to purchase.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



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Sent: Thursday, April 09, 2015 10:51 AM
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Subject: [WSBAPT] Fwd: Right to live in house after spouse passes




Married couple wants to allow the surviving spouse to reside in jointly owned real property for 5 years after the death of the first. With right to purchase the decedents interest during the 5 year period. Anyone have experience in having done this or recommendations for language.

Ken Luce
Tacoma, WA
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