What is the best way for me to ensure that I retain possession of the marital home?
Full Question:
Answer:
It is possible for a husband to leave his solely owned property to his children in any manner, such as by will, transfer by deed, etc. I am prohinited from giving legal advice by suggesting a course of action. There are many options available to a spouse for gaining ownership of
property upon the death of another spouse. Some of the options include a bequest in a will (which is subject to being altered by a later will), establishing a trust, or transferring a future or present interest in the property by deed.
For example, when property is conveyed to be titled in the name of spouses as tenants by the entirety with right of survivorship, the surviving joint tenant immediately becomes the owner of the whole property upon the death of the other joint tenant. The property also
passes outside the probate process. The various options have different costs and tax consequences involved. I suggest you consult a local attorney who can review all the facts and documents involved.
