Lebanon, TN asked in Estate Planning for Tennessee

Q: Can I give my son a RIGHT TO LIVE in a property after my wife and i pass, just to provide him a place to live?

The property would then be sold if he leaves the property and divided according to the other stipulations of the will.

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2 Lawyer Answers
Nina Whitehurst
Nina Whitehurst
PREMIUM
Answered
  • Estate Planning Lawyer
  • Crossville, TN
  • Licensed in Tennessee

A: Yes, that is entirely possible. The best way to accomplish this is with an attorney-drafted revocable living trust. Doing this with a "life estate" is not recommended for a variety of reasons that an attorney can explain to you during an extended personal consultation. A trust-based estate plan has advantages over a will-based estate plan, not the least of which is avoidance of the cost, delay and loss of privacy that are attendant to probate.

Anthony M. Avery agrees with this answer

Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered
  • Estate Planning Lawyer
  • Knoxville, TN
  • Licensed in Tennessee

A: Ms. Whitehurst is correct that a Trust is the best way to do this. But it will require a good Trustee, and Successor Trustees. It can also be accomplished without Probate through a Future Interest Deed, which would be very complex involving an Executory Interest, Possibility of Reverter, Contingent and/or Vested Remainderman.

You will need a very competent attorney to accomplish this goal.

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