Real estate holding
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Real estate holding
We are an unmarried couple with two homes joint tenants in common. I have one son not jointly and I want to give my heir my assets half of homes when I pass. However, somehow we want my partner to have control over the homes until he passes or in 20 years time, and then will give to my son as well. Is there a Trust or some sort of holding that we can keep the homes in his name yet have no say in how things are handled unless of course their is refinance or monetary withdrawl from the home?
Asked on February 10, 2019 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
There are two different ways to accomplish this:
1) By a trust: the trust can own your interest in or share of the properties, can allow your partner to live in them for his life or a specified time (e.g. 20 years) and then distribute the ownership interest to your son.
2) You can in give you partner a life estate in your interest in the homes, or the right to live there for the remainder of his life, while giving your son a remainder interest, or the right to the homes after your partner dies.
You and your partner should consult with a trusts and estates attorney to see which mechanism bettter meets your needs. The lawyer can then make sure it is properly set up.
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