Legal Question in Wills and Trusts in New York
Living Trust for Co-Owned Real Estate
My cousin and I purchased a home a couple of years ago. We both are on the deed of the house. We both want to create a living trust but I am unsure how to reflect the property in the Living Trust. I know that the deed has to be changed. Do we change the deed to reflect her trust and my trust?
2 Answers from Attorneys
Re: Living Trust for Co-Owned Real Estate
You would form the trust which is a written agreement between the settlors (persons placing the property into the trust) and the trustees (persons operating the trust). A tax identification number would have to be obtained from the IRS and a deed would be signed and filed indicating a transfer from the individuals that owned the house into the trust.
Mike.
Re: Living Trust for Co-Owned Real Estate
I agree with Michael as to the procedure, but add the following. Presuming each one's share is to be separately handled when that person dies, the new Deed would convey to each trust what that person owns; again a presumption of equal ownership, so one-half goes into each trust. This could get complicated when one dies, so I suggest something be put in writing now explaining what are the rights and responsibilities of each share, to avoid conflicts and possible litigation down the road.
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