Originally Posted by
Re-sign Carl Dale
Yes - the last part is correct, in that the property is protected, although potentially a charge from the LA could be put against the surviving spouses' 50%
You are also right about it being a nightmare (plus other tax complications) for a house to be owned 50% by widow and the rest amongst the children. Aside from any issues about wanting to sell, if someone gets divorced, what was mum & dad's home would be part of the settlement!!!
More common would be to use a Trust - that's what we do for our clients. Simply put, when one partner dies, their half of the house goes in Trust for the children, however the condition is that the surviving spouse lives there (rent free) for the rest of their life. The children don't have any control / access until both parents die. This solves any tax issues, and it's not part of the estate of the children in the event of family breakups, bankruptcy etc.
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