Java and Chip Frappuccino were married for 48 years, raised two children and lived in a luxury residence they named Starbucks Acres in the community of Caramel Macchiato Valley.

After Java died, Chip married Chai Latte, who sold her Condo, and moved into Chip's house. Chip is now writing his will. He wants to ensure that Chai can continue living in his house after his death, but he also wants the home to eventually go to his children. If Chip leaves the house to Chai, it could end up going to Chai's children (through her will), instead of to Chip's children. Or Chai might sell the house and move into a nursing home. Either way, Chip's children would get nothing.

What type of interest in the house could Chip will to Chai and still ensure that his children will eventually get the property? Who would be the life tenant? Could the property be rented out for income? Who would be the measuring life? Who would hold a future interest in the house, and what would that interest be called? What alternative type of estate planning could Chip also use in this same situation?

Answer rating: 100% (QA)

In my opinion Chip should equally distribute his property to Chai and his children to share the love ... View the full answer