Real estate holding
Get Legal Help Today
Secured with SHA-256 Encryption
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
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 3 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.
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 AttorneyPages.com 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.