Legal Question in Wills and Trusts in New York

Re: Will

I suggest the following: Put the house into a revocable "living trust" with you as the grantor and trustee and your boyfriend as successor (upon your death) Trustee. The house will then pass outside the will (even if you never get one)and he will take over as trustee where he can do whatever he wants w/ the house..Deed over to himself and disolve the trust, sell it, etc.

Also, a trust is confidential and does not get "filed" anywhere whereby a will is open to anyone who wishes to see it and subject to will contests from family members, etc. The trust doesn't even get mentioned in the will as you no longer "own" the house, the Trust does.

I think this solves your problem. Would be glad to offer assistance.

Re: Will

Both other responders have given you good, but incomplete advice. My suggestion is to use a trust, in which your friend is named as beneficiary and successor executor. This avoids probate and any bonding, and gives the friend all rights of ownership upon your demise. However, at the asset level you suggest you have, there may be possible federal and state estate and/or inheritance taxes payable when you pass away. These possible taxes can cloud the title for the new owner, particularly if there are no funds available to pay the taxes that might be due. This may require that the house be sold to pay the taxes or mortgaged to raise the funds necessary to pay the taxes (which calls into question the ability of your friend to repay the mortgage and protect the house). I suggest using an irrevocable trust so annual gifts, or even part of your lifetime exemption, can be used to both create an interest in the house (subject to the terms of the trust document) and to also reduce your potential taxable estate by the annual and/or lifetime gifts. You should consult a tax/estate attorney, like myself, familair with these concepts to assist you in proper planning. You should also be aware that once the house is placed in a trust, there may be problems getting a mortgage, as banks are sometimes reluctant to give a mortgage to a trust. Contact me if you have any questions.

Re: Will

Dear sir or madam:

Yes, you can draft a will that specifically leaves your home to your live-in boyfriend.

If you need further advice or assistance, contact my office directly at [email protected].

Thank you

Anthony S. Park

Re: Will

In the absence of a Will, your estate will be distributed in accordance with the Decedent's Estates Law.

In addition, the estate would go under administration and your closest living relative could apply to be appointed as the Administrator. A bond would be required. All expenses, and they could be considerable, would be paid from the assets of your estate.

You can, if you wish write a Will leaving the house to your boy-friend, and the rest to be distributed in accordance with any plan you devise.