palm650@yahoo.com wrote:
For me and my wife this is a second marriage. We have children
from previous marriages. No common kids. We bought a home
recently. We, both, want to be sure that, in case of death of
one of us, or both, home would be sold and money be divided
equally between two of our children.
Is "Living Trust" good for this, or should we look for some
other legal arraignment?
We leave in California.
A living trust is the best way I can think of that will accomplish
what you want. The only other way would be to take title to your home
as joint tenants (which could lead to higher income tax if one of you
dies), and then have separate wills distributing your shares to your
separate families.
One advantage to a trust over a will in this kind of case is that when
one of you dies, the survivor can be given the right to continue to
live in the house and use joint savings for the rest of her life, and
at that point everything gets distributed among the separate kids.
Stu
