No. of Recommendations: 2
Unless there's a trust or something, whoever dies second can do whatever they want after the first one dies.
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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.

Bill
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