My question involves estate planning in the state of: SC
Second marriage, both have children from previous marriages, no children together.
We each want to leave our house for the surviving spouse to live in until sold or death. At death of surviving spouse, proceeds would be divided and go to respective beneficiaries - half to my children, half to spouse's children.
If house is sold by surviving spouse, all proceeds can be used to purchase a new house. If new house costs less than the proceeds, the extra dollars will be divided - half to surviving spouse, half to deceased spouse's children. At surviving spouse's death, new house would be sold and proceeds divided - half to spouse's children, half to my children.
Don't expect to purchase a house of greater value so this will not be covered in will.
Does this make sense? We have an attorney and some of this was his recommendation. But, each time we visit the attorney, he seems to have forgotten a lot of what we discussed at the previous meeting. I'm going to write this up and take to him at next meeting. Have too much time and dollars invested to go to someone else.
Thanks for any advice.