Barry has a wife, Lucy, and 3 children, Arthur, Brenda and Carrie. He has very little money, but he owns (in his own name) a house that’s worth over $500,000. The house is located at 12 Maple Lane, Hypoville, New Tudor 66666.
He is concerned about several things:
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1) He wants to remove the house from his name so that it won’t be vulnerable to creditors and because he wants to be eligible for government assistance (such as Medicaid) if he ever needs it.
2) No matter what he does with the property now, he wants Lucy to be able to live in the house for the rest of her life.
3) After his and Lucy’s death, he wants the property to be split among his children. He also wants the children to be able to whatever they want with their individual shares (e.g., to pass it to their children upon their deaths, etc.).
Barry comes to you and asks what he should do. Please do the following for Barry:
a) Tell him how he should convey his property. What interests should he give to whom? What kind of remainder interests and tenancies should he give to the children, etc.? Also, what kind of deed should be used to effect this conveyance?
b) Please draft a deed to transfer Barry’s property in the manner you suggested in part (a) of your answer