#InheritanceDilemma: What happens if spouse passes first and assets are willed to his kids? Can I sell the assets to fund my old age? 🤔
So, my husband and I just finished our wills. He decided to leave half our assets to his son, who is a billionaire, while the other half goes to my nephew. I don’t have kids of my own and we are just middle-class folks with two paid-off homes and some savings.
But here’s the kicker – if my husband passes before me, can I sell our homes to downsize and save money for my old age and potential nursing home costs? 💸 I mean, nursing homes aren’t cheap, and I don’t want to end up in a terrible one, especially without kids to look out for me.
I’d be okay with giving his son sentimental items, but I’m unsure about splitting the proceeds from selling the homes. What do you think? Should I keep the money for my future needs or share it with his son who already has plenty? 🏡💰
I’ve worked hard my whole life and contributed to our shared assets, so I believe I deserve financial security in my old age. What’s your take on this situation? Let’s discuss! 🤷♀️🤝 #EstatePlanning #AgingGracefully
What state are you in? Marital property laws vary by state. However, if you have been paying half the mortgage on the houses for years, you likely have a financial interest in those houses that he can’t give away to his sons. Maybe you need to talk to a divorce attorney and split up your assets before your husband passes.
The legality of this depends on your state, but I’m guessing a lawyer wouldn’t write illegal wills for you.
Have you had a frank conversation with your husband about this? What about a trust instead, where once one spouse passes, the other spouse has the benefit of the assets for their lifetime, and once the second spouse passes, the remainder is split between son and nephew?
In any event, the first step is telling your spouse how you feel about this and asking him to do something else.
Typically when a married couple buys a house, they take ownership as *joint tenants* or *tenants by the entirety*, unless the deed says otherwise (for example, if it says that you each take 50% interest). If that’s the case, then his interest in the real estate would instantly pass to you when he dies, and you would be 100% owner of those properties, regardless of what his will says.
That said, y’all have just been through an estate planning process and he has stated his intention for half his assets to go to his son, so he or his attorney may have set up a trust or some other mechanism to actually make that happen, so you would need to have someone review the documents and see how they apply to your question.
I am a lawyer, but not your lawyer. This is a situation where you should get advice from a lawyer who represents you.
In most states, the answer to this question may depend on how the homes are owned. If the titles indicate that you and your husband own the homes as joint tenants with rights of survivorship (JTWROS), then when one of the joint tenants dies, title automatically passes to the other joint tenant as a matter of law. That means that the property is never part of any estate that is controlled by the provisions of a will.
Because of the importance of this issue and its consequences to you, I strongly suggest you consult with a competent and attorney who has experience practicing in this field, is licensed in your jurisdiction, and who represents you – and only you.