Legal Question in Real Estate Law in New York

I am 30 years old and bought a home in NY, Chenango County, 1 - 1/2 years ago In my name only. My mother and father live with me but have not got their names on the house. How do I protect them should something happen to me? What should I do?


Asked on 7/01/15, 6:36 am

2 Answers from Attorneys
J. Norman Stark J. Norman Stark , Attorney, Architect

Dear Concerned: Please contact a local, experienced real estate Attorney. Since you didn't indicate whether you own the property free and clear, or whether you have a mortgage, those facts will determine the better course of action to protect your parents' interests in the event of a catastrophe, i.e. incapacity, incompetence, lawsuit, or death. .

It may well be advisable to now create a Revocable Living Trust with the property (recorded deed) placed in the trust, and a rwesponsible Successor Trustee named, which may be your parenta, or a sibling or a trustworthy relative. See and reain counsel ASAP.

Good luck.

Sincerely,

J. Norman Stark

"WHERE EXPERIENCE COUNTS, COUNT ON MY EXPERIENCE"

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ARCHITECT EMERITUS (Ohio) A.I.A., N.C.A.R.B.

1109 Carnegie Avenue Cleveland, Ohio 44115

(216) 531-5310 x7100 Email: [email protected]

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Answered on 7/01/15, 6:49 am
David Slater David P. Slater, Esq.

You can prepare a will or trust agreement, with them as ultimate beneficiary.

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Answered on 7/01/15, 9:11 am


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