Hello
My elder mother owns her home, which is currently due to be put in my name
We want to transfer the home into my daughter's name while my mother is still alive and prefer not to go about the transfer through the will process e.g. the house passed down to me, and then from me to my daughter
We prefer the house get passed on to my daughter while my mother is still alive, however want my mother to feel safe and secure while she is still alive e.g. don't want her to feel we are going to sell her home while she is still living in it
Is there a 'living trust,' or estate where my daughter can have the house put in her name while my mother is still alive? Additionally, my mother might have stipulations, such as my daughter only marrying someone of our faith and similar. Does a stipulation law exist?
Looking for the best option here.
Thanks for your help.
1 Answer from Attorneys
You should consider hiring an experienced real estate/will and trusts attorney to do the paperwork. There are several options. Several facts will determine what is best for you.
Nevertheless, one option chosen by many people involve life estates. More specifically, you might consider having your mother transfer the property to you, but she would retain a life estate. This option would allow her to keep control of the property until her death. That same document or a document drawn at the same time would give your daughter your remainder interest, but you would retain a life estate. This way after your mother dies, you would retain full control of the property until your death. At death, it would automatically become your daughter's property.
Again, an experienced lawyer will be able to draft the documents and advise all three of you of your options. Although I am licensed in New York and handle wills and trusts, I do not handle these type of transfers in New York.
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