Legal Question in Wills and Trusts in New York

Re: revocable living trust buying house

Why do you have a revocable trust?

Are you married?

Do you reside outside New York State?

Only the answer to these and other questions can enable a professional to give you guidance.

Legally, you can buy the property individually or you can cause the trustee, probably you, to purchase the parcel.

Re: revocable living trust buying house

If you have a revocable trust, chances are that one of the reasons you got it was to avoid probate. If so, you ordinarily would have the Trust take title to the house. But if you are married and want the house to pass to your spouse when you die, you might want to own the house jointly with your wife.

You should consult with an attorney to make sure you are correctly utilizing your Trust.

Re: revocable living trust buying house

Your question has been well answered by the other two attorneys.

Re: revocable living trust buying house

The answer depends on the language of the Trust. Does it name specific assets or is it more inclusive? If the Trust is established with a list of specific assets encompassing the 'res' (contents/subject matter) of the Trust, then you should add this new asset to the list. Amending such a document can be done very simply and should not be expensive at all (100.00 is the outer maximum for such a small change. Most attorneys will make such an amendment for no charge).

If the Trust is established by language like "all of my real property, and ... compose the res of the trust" then no change is required.

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