Legal Question in Real Estate Law in New York

Life Estate and Living Trust; Transfer Interest

I own the house in which my elderly parents live. To qualify for the STAR property tax reduction for seniors I excuted a quitclaim giving them life estate. I now wish to place my interest into a living trust to avoid probate. Do I file to the county a second quitclaim deed for my interest and

transfer just ''my interest'' to the trust? Or is it done another way? Thanks.


Asked on 8/18/05, 7:58 am

1 Answer from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Life Estate and Living Trust; Transfer Interest

You should see a lawyer in the county where your property is located, instead of trying to be your own lawyer, before doing damage to your interests.

I don't understand why probate would be necessary if you remain the title holder of the premises. Your parent's "life estate" in your property, is "an interest" in the property. It is not ownership of the property, in such a way, that would require probate to pass to you upon their demise.

Good luck,

Phroska L. McAlister,ESQ

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Answered on 8/20/05, 1:06 am


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