Distribution of proceeds from sale of house

[shortmort37]

Jurisdiction

Pennsylvania

My wife and I both have children from previous marriages. We both want for our children to inherit the proceeds from the sale of the house when we have both died; half to each set of children. What language can we include in our wills to indicate this intent? And, what if the other should move after the first has died?

 

[zddoodah]

What language can we include in our wills to indicate this intent?

Responding to this question would require the rendering of legal advice, which would be illegal for anyone who is not a lawyer or admitted to practice in your state. You and your wife should consult with an estate planning attorney.

what if the other should move after the first has died?

What if, indeed? But why ask us? What result would you want in that scenario? What if you sell the house before either of you dies? What if one of you needs nursing care in your old age? What if you divorce? What if your spouse's children die before you do? What if...?

There are lots of "what if" questions that should be considered. Any decent estate planning attorney will ask you those questions and then ask what you want to happen in those scenarios. One thing you probably should consider seriously is a trust.

By the way, the simple answer is that, if you die and your spouse then sells the home, then any provision in your estate plan for the disposition of the home upon both of your deaths becomes moot.

 

[adjusterjack]

Time for an estate planning attorney.

 

[army judge]

Time for an estate planning attorney.

 

[Red Kayak]

And, what if the other should move after the first has died?

I will only address this: when there is a significant event, such as dead of one spouse or moving, it is worth reevaluating one's estate plan. Even if the current estate plan (including the will) covers such changes, there may have been changes in the law in the interim.

That said, if an asset mentioned in the will no longer is owned by your parent(s) when they die, then it's no longer relevant.