Legal Question in Real Estate Law in New York
My husband and I own a condo in nys and we have a 14yr old daughter. The deed is in both of our names. We'd like to know the best way if something should happen to both of us how we can leave her the condo or the proceeds of the sale of the condo?
Thank you,
Lisa C
2 Answers from Attorneys
The best way is to set up a revocable trust, deed the condo to the trust, and make your daughter the beneficiary of the trust, Cost? Approximately $1200, plus some filing fees.
Mr. Nager is correct, a revocable trust would likely be best. Also, if you have not had will prepared, that would be recommended, especially living wills and health proxies.
We have substantial experience in these matters, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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