<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal>Hi Listmates,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>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.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>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.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>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.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thanks in advance! Adrienne<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>--<o:p></o:p></p><p class=MsoNormal><span style='font-size:12.0pt;font-variant:small-caps'>Adrienne Keith Wills,<span style='color:black'> Attorney | Mediator <o:p></o:p></span></span></p><p class=MsoNormal><span style='font-variant:small-caps'>Wills Law Firm Inc. (</span><i><span style='color:black'>please note the new name for my practice</span></i><span style='color:black'>)</span><span style='font-variant:small-caps'><o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>Helping family law and estate planning clients create their legacy </span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:black'>1700 Seventh Ave, Suite 2100 | Seattle, WA 98101</span><o:p></o:p></p><p class=MsoNormal><span style='color:black'>Web: </span><a href="http://www.willslawfirm.com/"><span style='color:blue'>www.WillsLawFirm.com</span></a><span style='color:black'> | Tel. </span><a href="tel:%28206%29%20523-3047" target="_blank"><span style='color:#0563C1'>(206) 523-3047</span></a><span style='color:black'> | Fax </span><u><span style='color:#0070C0'>(206) 219-6714</span></u><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>