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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Re: This doesn't make sense to me Date: 6/15/2012 11:46 AM
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Unless there's a trust or something, whoever dies second can do whatever they want after the first one dies.
That's true IF they own the home (and funds in the related account) as joint tenants. If, however, the property and the designated account are titled as tenants-in-common, the interest of the first to die will be included in his/her probate estate, and pass under the terms of his/her will. OR maybe one or both of them titled his/her 1/2 interest in the name of his/her revocable trust. I've seen that done, too.

In the situtation as described, I would agree that the use of a trust is the preferred way to go, as the trust instrument would do best at spelling out the rights of all the various parties concerned - the two partners and their respective children.

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