Q: Unmarried couple both with adult children couples from previous marriages. Who gets home if we die simultaneously.
I purchased a home in NC with cash and had it titled JTROS with long term partner. At the time (about 6 years ago), it didn't seem like a QTIP was an option since we were not married. I have 2 adult children and she has one adult child from our prior marriages.
My estate package has all my assets (brokerage accounts, bank accts., ....) going to my 2 kids, her estate package has her assets going to her child.
What happens to the home if we pass simultaneously (e.g. plane crash). Ideally, I would like the home to be sold and the proceeds split 3 ways for the adult children. Is there a way to set up our wills (or a separate trust) to handle this one in a million scenario.
A: In the event that you die within 120 hours of your partner. Both of you are deemed to have survived the other and your respective interest in the property would pass to your respective beneficiaries. There are exceptions to this rule but that is the basic premise.
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