How can I leave my home to my fiancé through a trust to minimize costs in NY?

Question

I own my own home and want to leave it to my fiancé. We both live in the home, and there are no other beneficiaries. I am considering setting up a trust to ensure he can inherit the property without incurring significant costs, such as estate taxes or any other charges. The property is free of any mortgage or liens, and I have not consulted with a legal professional yet. What is the best way to proceed to minimize costs for him?

Gary Lane · Answer

Yes. Absolutely. I do them all the time! garyleelane1@gmail.com. Love to help you two.

James L. Arrasmith · Answer

The most effective way to leave your home to your fiancé and avoid probate in New York is to create a revocable living trust and transfer the deed into the name of that trust. You would remain the trustee and beneficiary during your lifetime, and name your fiancé as the successor beneficiary. Upon your death, the trust would automatically transfer ownership to him without court involvement, legal delay, or probate fees. 
 
Because you're not married, your fiancé does not benefit from the spousal estate tax exemption. However, New York does not impose an estate tax unless the estate exceeds a certain threshold (over $6 million as of now), so if your home’s value is well below that, estate taxes may not apply. By using a trust, you also avoid executor fees and reduce the risk of costly legal disputes or delays. 
 
To proceed, draft a revocable living trust that clearly names your fiancé as the sole beneficiary of the home, then execute a new deed transferring the property into the trust. This process preserves control while you’re alive and ensures a seamless transition after your death. It’s a thoughtful, efficient way to protect him and honor your shared life.

Q: How can I leave my home to my fiancé through a trust to minimize costs in NY?