Legal Question in Wills and Trusts in New York
A Will or Trust
I want to leave real property to two sons, a rooming house with personal living quarters.
Younger son irresponbible I want to leave property to both sons with restrictions. Not to sold or transferred or
occupied by others then renters without the consent of senior son. All decisions
concerning the property shall be made by the senior son in the will or Trustee of the Trust. Which would be better
a general will or trust with
survivor rights.
2 Answers from Attorneys
Re: A Will or Trust
You can do eiher.
You can write a Will which would establish a Trust containing the property with the older son as Trustee or you can set up a Trust now with the older son as Successor Trustee to you. Upon your death, your older son would be the Successor Trustee and maintain control. Setting up the Trust now would avoid probate.
Feel free to contact me if you desire further information.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns.
Re: A Will or Trust
If your goal is to leave property to both sons, and one is irresponsible, the thing is that you can do is create a trust where the younger son gets the proeprty share at a later age, e.g. 25.
You can do this through a trust created in a will, or a trust created now.