Legal Question in Wills and Trusts in New York

Will specifics regarding property NY

My mom died owning a house. In her

will she said my sister can live in it for

up to 2 years. She then said any time

after 2 years, if we sell it, we split the

money evenly. Who owns the house

during the first 2 years?


Asked on 6/15/09, 8:37 am

3 Answers from Attorneys
Rudolf Karvay Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.

Re: Will specifics regarding property NY

Assuming that the Will leaves the house to you and your sister outright, you and your sister own it.

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Answered on 6/15/09, 9:26 am
Michael Markowitz Michael A. Markowitz, PC

Re: Will specifics regarding property NY

Mr. Karvay is correct, although, technically the house is owned by the estate.

Mike.

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Answered on 6/15/09, 9:59 am
Walter LeVine Walter D. LeVine, Esq.

Re: Will specifics regarding property NY

Actually, both authors are correct. Until a new Deed is recorded, showing the actual owners (the two of you, but subject to the 2-year residency allowance), current ownership is the estate. You do not say if the Will specifies who pays the house expenses during that period, your sister or the estate? If the Will is silent, some written agreement should be done allocating as you agree, who pays what.

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Answered on 6/15/09, 1:37 pm


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