Can an estate provide an income to someone named in the will?

UPDATED: Oct 1, 2022

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Can an estate provide an income to someone named in the will?

My significant other of 22 years was recently diagnosed with Stage 4 Cancer. He owns 2 commercial buildings Empire Industrial Park LLC and Sunset Properties LLC. His will provides his son to have Empire and myself the other. This is our dilemma, at this time Sunset doesn’t have a tenant so the building is generating no income but yet still has an outstanding note. I am not able to support this building with no tenant so we were wondering if the will could be amended somehow so that on my S.O. passing Empire were to pay me a named amount monthly until which time the building was either sold or leased. Is there any legally binding way of doing this?

Asked on July 10, 2018 under Estate Planning, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, this is perfectly legal, and there is a simple and legally binding way of doing this: since your significant other is alive, he can amend, revise, or replace his will whenever he wants--the only requirement is that the amendment or new will be signed and witnessed the way the original will was. He can come out with an entirely new will which replaces the old (probably the best way; less chance of confusion) or an amendment or "codicil" to the existing will which makes the change you want. Consult with a trusts and estates attorney, who can decide the best way to do this, draft the document, and make sure it is properly signed and witnessed.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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