The more valuable an asset is, the more important proper estate planning for it becomes. For those with real estate in their names, that property is probably worth more than any other single asset they own. they likely want to retain control over the property while ensuring the people they love take control of it when they die.
If you have heard of a Lady Bird deed or enhanced life estate deed, you may already understand why people want to use these documents. This kind of deed allows a person who owns a property to retain complete control over that property and the right to live there until they die while still transferring the property at the time of their death to a family member without the home passing through probate as part of their estate.
For those looking for efficient ways to transfer real estate when they die, it may seem like a great option. Unfortunately, New York does not allow this kind of deed.
There are other solutions available
An enhanced life estate deed is not the only way to continue owning a property while guaranteeing someone else’s right to stay there later. A trust could potentially accomplish the same thing, as could certain kinds of deeds to change how you hold the property’s title.
The value of the real estate, your family circumstances and certain financial considerations will all influence the best way for you to transfer a property when you die without leaving it vulnerable to creditor claims or getting caught up in lengthy probate proceedings.
Learning more about different solutions for estate planning issues regarding your real property will help you choose the best options for your situation.