Legal Question in Wills and Trusts in New York
Deed transfer
I rec'd a ltr from my stepdad's attorneys. It reads, ''As evidenced by your Mother's Last Will & Testament, it would be advisable to do a deed transfer now to you, as the sole grantee, with your stepdad having the right to remain in the premises until he dies. Upon his demise, you are already the deeded owner & no other necessary legal docs would be required including probating your Mom's Will.''
I spoke to my stepdad's attny's asst. & she said that the deed transfer would be in my stepdad's and my names. Shouldn't the deed be in my name only? I don't live in the house with him in N.Y. I live in New Jersey. My stepdad is in his late 80's & is very sick. If and when my stepdad passes on, if the deed is in both his and my names, wouldn't another deed transfer have to be done in my name alone?
Thank you so much for all your help with this matter.
The original deed which my stepdad has in his possession, and which I have a copy of is in my biological Dad's and
Mom's names.
My Mom's Will states that my stepdad could live in the house until his death and then me and my sister would inherit the house.
Thank you so much for your help with this matter.
2 Answers from Attorneys
Re: Deed transfer
The attys assistant is mistaken (or you misunderstood).
Your Mother left your Step Dad a "Life Estate" which is an interest in the house only and not an owner.
Question: you said the attys letter said you were "sole" grantee yet you state the will says you and your sister will inherit. Which is it?
If it is you and your sister the deed should read for example: "from Estate of your Mother to you and your sister subject to a life estate in step Dad". He should not be on the deed in any other capacity.
When he passes,his "life estate" is extinguished and you and your sister may sell the house. You would provide a copy of his death certificate to Title company.
There are other events/actions on his part which MAY result in an extinguishment of his Life Estate prior to his death as well.
Re: Deed transfer
I disagree that your stepdad be listed as an owner in the new Deed, but it should reference his life estate in the body. If the life estate may be terminated earlier than his death (if there are any conditions under which he may lose it - e.g., if he fails to pay required bills, he abandons it, or if he can voluntarily leave and terminate it), you should be advised of it. I have not seen the Will creating it, so I do not know if there are any conditions to maintain it. Of course, any sale by you during his lifetime would be subject to his life estate, so this could restrict a sale. Also, does the Will allow the house to be sold if he elects to downsize? If I could see a copy of the Will and the language creating the life estate, I could provide a better explanation of your rights and his.
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