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  1. #1
    Join Date
    Nov 2007

    Default Life Estate for a Significant Other in New York

    I'd appreciate whatever guidance anyone can offer on how best to achieve the following objective.

    I intend to leave the bulk of my estate to my (currently minor) nieces and nephews. However, in the event I predecease my significant other (who is currently 65), I want him to be able to live in the house we currently share (but which I own) for as long as he wishes. Upon his death, however, I do not want the property to pass to his heirs, but to revert to my beneficiaries. I am in the process of creating a living trust for the bulk of my estate (including the subject house), with sub-trusts for my nieces and nephews which would take effect upon my death (i.e. the termination of the living trust) with the expectation that they would be entitled to receive the balance of the funds from the trusts when they reach the age of 30 (earliest will be in about 15 years). How should the deed / title of the house be modified (if at all) upon transfer into the living trust, or does the property (with the tenancy provisions) get retitled upon my death?


  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Life Estate for a Significant Other in New York

    You don't have to convey a live estate to your spouse and convey the remainder to your trust - you can manage the life estate aspects through the trust. So the normal approach would be to convey the real estate to the trust.

    It sounds like you're attempting a relatively complex estate plan on your own, so at least consider getting help from an estate planning lawyer.

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