As stated in the question, I would like to have my children have interest in the property if I die before my wife. What is the best way to do this as she has no immediate family and I do not want the property to go to the state upon her death.
Consult with a lawyer with whom you can share all of the facts. If the house is now titled by the entireties, as husband and wife, the entireties tenancy can only be severed if the wife agrees to sign another deed, one of you dies or by court order. As tenancy by the entireties, your wife will inherit it from you when you die, and it will not pass to your estate. Therefore you cannot pass it to your children in your will. The only way to pass an interest to your children is to draft another deed. I cannot advise which type of deed will be best for your situation, but the options would be to execute a new deed with your children have a tenant-in-common, or joint interest with you and your wife, or to your children with a life estate in the property granted to your wife. If she has a life estate, she can live in the property until she vacates the property, then her life estate is extinguished and your children's interest becomes free and clear. You really need to consult with a lawyer who can advise after understanding all the facts.
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