New York Asset Protection Legal Questions

Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. If you are speaking of inheritance through the probate of a Will, the Will allows a testator to distribute assets to beneficiaries that the testator solely owns (i.e., the testator owns 100% of the assets, such as a testator with solely owned property). If there is property jointly owned, then generally that property would either pass to the other party who jointly owns it if there are rights of survivorship or is held by a married couple as tenants by the entirety, or 50% of the asset would pass through a Will or to the heirs of the decedent well the other party remains a 50% owner of the property. Generally, any personal belonging and household items pass to the surviving spouse unless otherwise stated in a will. If you need any assistance, a New York Trusts & Estates Attorney could help you.... Read More

Hello. My name is Damien. I am an attorney in New York City practicing in the New York City metropolitan area. When someone has a life estate and wants to sell property, the life estate holder has to have the consent of the remainderman. So, if a parent has a life estate and a child is the remainderman, the parent and the child have to consent to the sale of the property. If not, the property could not be sold. Sometimes in these situations, the parties can work it out to share in a percentage of the proceeds of a sale to obtain consent. Separately, the life estate holder does have the possibility to rent the premises and collect rent if so desired while maintaining the life estate. If you need any assistance, a New York Trusts & Estates Attorney could help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082 or email me at DamienBoscoEsq@gmail.com... Read More

Hello:  I am an attorney located in New York City. First, I am sorry for your loss. If your deceased husband's name is the only one on the deed, you have to list the property as an asset as part of his estate administration. And the personal representative could execute a new deed to whoever inherits the property. If your name is also on the deed, then as the surviving spouse, you are presumed to own the property as tenants by the entirety and you automatically inherit the property through the operation of law. You do not have to include the property in the estate administration and you do not have to do anything. You inherit the property. Although you do not have to do anything right now with the property, if you wanted to do so, you can file a petition with the registrar of the county that handles property records to show that you are the sole owner of the property. See NY RPP §§ 423, 423A.  If you need any assistance, a New York Estates Attorney can help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082.  ... Read More