Legal Question in Wills and Trusts in New York

Re: property law

A Deed can provide that Mom will retain a life estate (that is, have the right to live in the house for life) and that your Dad would have the same right. After both have died, the house would go to you. The contents are a different story.

Re: property law

While I agree with the other authors, there are several additional items to consider. I presume that both parents are currently on the Deed, which would require that both of them sign any new Deed, not just your mother (unless the title reads that their ownership is as tenants in common). Will your father sign a new Deed that may restrict him from taking any action in the future? If he will not, the concerns of your mother may be real, and some additional action may be required. Your parents, aside from placing you on the Deed now, with a reserved life estate so they can live there as long as they live, could place title in a trust with you as both a trustee and the ultimate beneficiary. Actions to sell the house could require unanimous consent, so that your mother and you could block a sale by your father. This would also preserve certain tax benefits if it were necessary to sell the house during both or either parent's lifetime (there are many reasons the house may need to be sold, such as need to downsize). Putting you on the Deed now, while protecting your interest, could impinge on their taxes if they both decided to sell. The trust could spell out every concern they might have, regardless of who died first or second, and also cover items like who pays what costs of maintaining and owning the house (taxes, insurance, repairs, etc.). Using the trust can protect all rights and yet ensure you will ultimately get it. Consider, just as an example, that your mother passed away, and your father could no longer maintain the house (either economically or due to physical constraints) and needed a smaller house or one with a different configuration (e.g., a ranch rather than a colonial). Would it be fair to restrict him? The trust could sell the first house, replace it with something more convenient, and still assure you get it when your father passed away. If you need further information, contact me directly.

Re: property law

You fail to indicate how your parents own this property, as joint tenants or as tenants in common.

If your parents are willing, they could deed the house to you, but reserve a life estate for themselves.

Then upon the death of both parents, you get ownership and possession of the house.

It is important to specify who is responsible for taxes and repairs in this situation.