Legal Question in Wills and Trusts in New York
In the case of joint tenancy of a property, is there a way to ensure that:
1)the survivor is obligated to maintain the property without arrears and/or liens of any kind?
2)when that survivor passes, can the property go into the estate of the first deceased?
2 Answers from Attorneys
You would need to set up a trust, and place the property in the trust. The trust instrument could specify the rights and obligations of the beneficiary, ie: a life estate, and then to your survivor's upon her death or disability.
I agree with Arnold. Once title passes to the survivor, under a Deed with joint tenancy with rights of survivorship, control by the first to die ends. If title is already in both names, both would have to agree to this, a trust document prepared and a new Deed making the trust the new owner, must be recorded. The trust document would be the definitive agreement that spelled out all of the details of the operation of the property now and later on.
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