How do I ensure that an asset or property is left to my children when I pass?
Full Question:
Answer:
You have several or more options to consider to protect the home, as you desire. Although some of those are mentioned below, there could be others. In final analysis, you should contact a local attorney to help you take the proper steps for your overall situation.
You may be able to deed the property to the children and reserve a life estate for your life which would entitle you to exclusive use, possession and income for your life. Another option would be to convey the property to a trust (there are many types) with you named as beneficiary for your life and thereafter the property could go to the children. You could keep the property and leave the property to your children in your Will (there could be issues here if you remarry and the Will would not take effect until you die and could be lost, etc.).