Victor, NY asked in Estate Planning for New York

Q: how do you keep your home out of probate in nys

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1 Lawyer Answer

James K. Riley

Answered
  • Estate Planning Lawyer
  • Pearl River, NY
  • Licensed in New York

A: You have the right during your lifetime to transfer a residence which you legally own into a trust and that strategy can avoid the need to probate a will in order to transfer the house after your death. There are two types of trust, first revocable, often called a revocable living trust, and second irrevocable. With regard to either trust, you would have an attorney prepare a trust document and sign before a notary public; you would also sign a deed transferring the ownership of the residence into the trust. You can be your own trustee with a revocable living trust and you can cancel it at any time and return the property to your now name. A revocable trust does not protect against future claims such as nursing homes and Medicaid--only an irrevocable trust can do that and under present law only after 5 years. Consult a knowledgeable attorney.

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