Legal Question in Wills and Trusts in New York

Re: Inheriting property from third party source

88 is a long life. My best wishes that she reaches 100 in good health.

1. By making you 'joint owner', the property does not become a part of her estate. At her passing, it becomes owned by the other joint owners immediately. No estate taxes, no legal fees. It is nice to amend the deed to reflect the new situation, but that does not change the fact that you will be the owned at the moment of her passing.

2. To put your name on the deed as 'joint owner', your actual signature or that of your legal representative (power of attorney can be given to a non-lawyer)is necessary.

Of course, in the modern world, you can send your signature by fax.

Re: Inheriting property from third party source

I have some disagreements with Andrew's response and reply as follows:

(1) I am not sure what is intended by the new Deed. Is she going to merely add the names so the property avoids probate and automatically goes to you and your step-brother when she dies, or is giving you outright ownership immediately? Is she retaining any rights in the property until she passes away? Who will be responsible to cover the costs of carrying the property during her lifetime, like taxes and insurance, utilities, etc.? Does she intend to live in one of the houses until she dies? What happens if she has to go to a nursing home?

(2) The answers to the above questions need to be reflected in the Deed and any agreements that might be required to cover these matters.

(3) Depending what she wants to do and why, there may be gift tax issues, estate tax issues, Medicaid issues, etc. All of these matters need be considered in her planning.

(4) Merely seeking to avoid probate by putting you on the Deed does not mean, axiomatically, that there may not be any estate tax ramifications. For example, if she is to retain any interest in the house, this may impact on the gift and estate tax questions, and Medicaid questions. This may also involve how the new Deed is prepared.

(5) In NY there are signature requirements in some of the collateral recording documents, so if you are not going to be around, you may want to give someone a Limited Power of Attorney to act and sign on your behalf.

(6) Current address can be anywhere and is usually included in the Deed and collateral documents. Living outside NY or the USA should not matter.

Bottom line: More information is needed to give you better answers to your questions.

Re: Inheriting property from third party source

You do not need to be a citizen to be recorded with an ownership interest of real estate that is located within the United States. Contact a real estate agent or attorney to assist you with your transaction.