Q: How can I allow my wife to remain in my home until her death & then allow my child from a previous marriage to inherit ?
Providing a 'life estate' for someone and a 'remainder interest' for a third party is a pretty common thing, and easily done by a qualified licensed attorney in your area.
This is most assuredly NOT a 'DIY' project though unless you are really willing to have the deal done wrong and create more issues than you ever imagined. I think of it like this. If you try to fix a sink and it doesn't work, the worst thing that can happen is you can't use a sink until a plumber comes to repair what you did. If your mistake won't become apparent until after you and a second person have died, the third person has a large mess to clean up. I recommend against that sort of risk.
Seek local legal help — this will be a pretty inexpensive plan to implement and the local professional can discuss all the options and perhaps suggest a different option that accomplishes what you need too. Good luck.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
A: This is where real estate law and estate planning law intersect. You will need to either create a will or a trust, or in certain circumstances create a ladybird deed. You can create a life estate in a deed, or create a lease agreement as well. My suggestion is to consult with a real estate attorney further to address your specific concerns. See also, www.provenresource.com
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