How split the house to the son, husband and relatives when the wife dies?

Question

I want to set up a trust for the home my wife and I own here in California. My wife is very sick and she might die anytime. She has liver disease. I have Quicken Willmaker. The deed says that I own .5% of the house and she owns the rest as tenants in common. We had it done that way because she put a big down payment down on the house. She wants her adult son to get $135,000 and the rest to be split 2/3 to family friends and 1/3 to me. She wants the money to only go to her son if he does certain things like get a job, stop gambling and lose weight. That is probably not legal using a trust or will, I read. I think she would trust me to carry out her wishes so we could go with a simpler plan. And the only reason for using a trust, is to save us from probate. Please send any suggestion you can to direct us if this is viable or how to reach our goals as closely as possible.

Answer 1

Write it up just as that. You might get with a lawyer to better word it to you.

Answer 2

I believe you will find that you become the owner if you are her husband and your name is on the deed. Nice to be kicked out of your own house.

You need a lawyer!

Answer 3

I hope this will help U, First U need to get your wifes wishes put on paper, and for her to sign the papers in front of a noterary. Secondly if I was U, I would check out the website I have posted in, What's your source. For it is also a yahoo group, that has helped me out on so many legal issues I have crossed paths with. Especially with my Dads estate case, they helped me to legally stand my grounds, against my Dads 3rd wife, who tried to take everything unlawfully. For instance, we did not know, meaning we, the rightful legal heirs. That a inheirtance is not considered as being part of a marriage, in most our courts of law, and that she was only allowed $ 50,000.00 and half the assets. Not the whole of 2 $ 100,000.00 life insurance policys. Anyway, they are a bunch of good guys, and very knowledgeable legal help smart.

Answer 4

This is something you should discuss with your attorney, since it depends on the particulars of what you would like to do with respect to each person. You can grant it to them as "Tenants In Common" or as "Joint Tennants with a right of survivorship". You can also direct that the house be sold and the proceeds split between the individuals in whatever proportions you wish. As a tenant in common, when that individual dies, their share remains and can be attached by their creditors. With joint tenants, the individual's share dissolves completely upon their death, so creditors cannot attach the house, and therefore the others are safe. There ARE other differences and they matter! Please see an attorney about this.

Answer 5

Get some good legal advise and put the money for the wayward son in

a trust so he gets periodic increments and not a lump sum.

I wish you wellness.

Ingrid