[WSBAPT] Life estate?

[Adrienne Keith Wills]

Hi Listmates,

 

I have a client who is in a relationship with an "SO" (significant other")
but they are not married.  They will be closing on a home purchase next
month and I believe they'll be taking title as tenants in common.  The
client has two adult daughters.

 

The client is considering an estate plan in which the SO would receive a
life estate for the client's 50% interest in the home.  (The SO would also
have her own 50% interest.)  The thinking is that the client ultimately
wants his adult daughters to inherit his share, however he wants the SO to
be able to remain in the house during her life.

 

What advice/cautions/experience can you share re: life estates?  Would
mortgaging the property be a challenge in the future, given the SO's
combination of interests?  FWIW, the client and I had also discussed a trust
as an alternative to a life estate.

 

Thanks in advance!  Adrienne

 

--

Adrienne Keith Wills, Attorney | Mediator 

Wills Law Firm Inc. (please note the new name for my practice)

Helping family law and estate planning clients create their legacy 

 

1700 Seventh Ave, Suite 2100 | Seattle, WA  98101

Web:   <http://www.willslawfirm.com/> www.WillsLawFirm.com | Tel.
<tel:%28206%29%20523-3047> (206) 523-3047 | Fax (206) 219-6714

 

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