Legal Question in Wills and Trusts in New York

house ownership

i purchased a house for my son in 2004. we owe about 47,000. i need to know how to not to inolve my wife when i pass on, and give the house and all expenses approx 20000 dollars to my son with him getting a mortgage for the remainder. jim went bankrupt several years ago.


Asked on 2/28/07, 1:12 pm

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: house ownership

There are more ways to skin a cat, besides the trust. You can add his name to the Deed, indicating you are joint owners with right of survivorship, although this will not make him responsible for any mortgage balance, etc. Or, simply leave it to him in your Will, spelling out what he must do to receive it (like pay the mortgage and all expenses that may be due on the date of transfer), plus assume all responsibility thereafter. You do not indicate who is paying the bills now, you or he? If he has been paying the bills, mention this also.

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Answered on 2/28/07, 5:18 pm
Matthew Hogan Law Office of Matthew S. Hogan

Re: house ownership

you may want set up a trust and place the house and funds in the trust. You can name your son as bennificiary of the trust so that when you pass your issues will be resolved outside of your estate.

Let me know if I can assist you

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Answered on 2/28/07, 4:23 pm


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