Legal Question in Wills and Trusts in New York

I live in New York and would like to know if it is legal to setup more than one revocable living trust? I have bank accounts in one trust to be divided amongst my children but would like one son alone to own my house when I pass. I was thinking about setting up a second living trust just for the house.

Is this possible, legal? Or should I just file a joint tenancy deed transfer for my son and I for the house?

Thank you,

Kevin


Asked on 10/18/10, 6:12 am

2 Answers from Attorneys
Norman Nadel Norman Nadel, Esq.

There is no limit to the number of revocable trusts that you may create.

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Answered on 10/23/10, 8:09 am
Michael Markowitz Michael A. Markowitz, PC

Kevin, I think you are making it too complicated. You just need a will. In the will you would transfer the house to your son.

Of course, you may set up a trust, or deed the property to your son and retain a life estate.

Mike.

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Answered on 10/25/10, 5:39 am


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