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We are in the process of a uncontested divorce where we both agree to keep our house under both our names until we are able to sell. When we do sell we both agree and this will be put on the divorce that I get 60% and gets 40%. If by chance I die without selling, the children will inherit my profit of 60% but if we both die before selling they will get the house. We are in the process of doing a will stating this as well but is a will enough to avoid my children having trouble getting the house under their names or if they wish to sell it or get my portion of the 60%? How much will it cost?
Asked on May 12, 2009 under Estate Planning, Florida
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
A will will probate the property. You need to talk with an estate planning attorney about placing the house in trust and see if a pour-over will and trust will be the best mechanism for you and your wife (to be divorced or otherwise).
Try www.attorneypages.com to consult with an estate planning attorney. You shouldn't separate property and devise it in that manner without at least a consultation with counsel.