My daughter in law is a military widow with 5 young children. The only asset she has is a house with a mortgage. She is on public assistance. What is the best way to assure the children inherit the house and share in the value?
If she has five young children then she isn’t very old. I’d be more concerned about who will take care of her minor children if she dies. The house I wouldn’t worry about. It will naturally pass on to her next of kin which is her children. Unless you are worried about her remarrying? That you cannot control. I’d stay out of it.
Advise her to see a lawyer. Some places have laws that deal with steps taken by people on public assistance divesting themselves of assets.
Since she’s on public assistance, she should be able to obtain a lawyer’s advice at little or no cost.
If she’s a widow with 5 young children, she probably has little equity in the house. Thus, the house would probably sold, and you or some other relative would care for the kids if she died any time soon (perhaps with a few dollars left over from the sale).
Is this the same one who has $300 in monthly income, and wants to open an investment account?
If I didn’t know better, I’d think all of your posts were entirely made up.
Biggest concerns for a widow who has five young children is to legally name a guardian for her children should something happen to her, and have life insurance to provide for their needs.
The house in and of itself is not important. If it’s a long time family home, it should be first offered at market rate to other family members in dealing with the estate. Minor children are unlikely to be living there any longer; they will live with their guardian.