Legal Question in Wills and Trusts in New York
My mom has been living in Another state with me, but she still owns her old house in NY. It had been owned by her and my dad, who passed 8 years ago. I am their only child. Other than the house she has no items of great value. She has no will. When she passes do I have to apply to be her estate administrator? Then simply have the house deeded to me. Somewhere I read that I could just transfer deed to my name without going to estate administration because I am clear sole heir. True? I also read that I would have to do this in NY rather than the other state, which had become her official residence, because she had real property in NY
2 Answers from Attorneys
If you wait to do something until your mother passes away, the house will be part of her estate, requiring a separate proceeding in NY.
She would be well served by making a conditional transfer to you now, thus removing it from her assets for Medicaid purposes but preserving it as part of her estate for capital gains values.
Feel free to call for more information. 914-478-2981.
Arnold is corect. However, rather than make a conditional transfer now, she can either add your name to the Deed, specifying that ownership is joint and survivor (meaning you automatically inherit it when she passes, without the necessity of probate) or she can give it to you now, just reserving a life estate so she still has rights in it while alive. She must do the new Deed and it is recorded in NY in the County where the property is located.
This is a response to an Internet question and the reply is for informational purposes only and is not intended to be either legal advice or as creating an attorney-client relationship.
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