Legal Question in Wills and Trusts in New York
property in my name only, who would recieve it at my death if no will
I am divorced and live with a man who is legally separated. I own rental property and other bare lots, acquired before living with this man. I had sold a house to pay the initial investment of $40,000 in the house we live in. This house is in both our names. I have also acquired another home during the last 5 yrs. due to my mothers death. It is in my name only. My question is , if I were to die, would all properties go to the man I live with because both of our names are on this deed. I have heard that it would not matter if I had a will giving my properties to my two children. Need to know how to be sure the children get what I request.
2 Answers from Attorneys
Re: property in my name only, who would recieve it at my death if no will
Practical answer is yes - only the property on which he is named will pass to him. Your Will should be good to pass the other properties to your children as long as you keep his name off the other Deeds. However, your estate may be subject to a claim for "palimony", but the claim should be defendable.
I suggest some sort of pre-marital agreement or other agreement between the 2 of you, stating what your respective rights and waivers are to the other's property. Also, you may want to consider placing your other properties in a trust for your children (make it irrevocable, depending upon the overall value of the properties) which should insulate the property in the trust from his potential claim.
Walter
Re: property in my name only, who would recieve it at my death if no will
To ensure that your wishes are respected you should make a will. The boyfriend is, at best, depending upon the way title is held, entitled to the property on which he holds title. In the absence of a will, the other properties will be distributed, by statute, to your spouse first, then spouse and children, children only etc.
Only a will ensures that your property is given to the people you intend it to go to.
I strongly suggest you consider preparing a will.
Daniel Clement