This is a Real Estate question, specifically Methods of Holding Title:
Bob and Kelly were married for 48 years and had two children. After Kelly died, Bob married Mary, who sold her condominium and moved into Bob's house. Bob is now writing his will. He wants to ensure that Mary can continue living in his house after his death, but he also wants the home to eventually go to his children. If Bob leaves the house to Mary it could end up going to Mary's children (through her will), instead of to Bob's children. Or Mary might sell the house and move into a nursing home. Either way, Bob's children would get nothing.
- What type of interest in the house could Bob will to Mary and still ensure that his children will eventually get the property?
- Who would be the life tenant? Who would be the measuring life?
- Who would hold a future interest in the house, and what would that interest be called?
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