Disclaimer: This article does not provide legal advice. It offers general informational guidance only.
Detailed Answer
Including real property in your New York estate plan helps ensure a smooth transfer to your beneficiaries. Follow these steps to successfully include real property in your estate.
Step 1: Identify and Confirm Ownership
Locate the deed or title documents for the property. Verify the legal owner’s name and review any mortgages or liens that may affect transfer.
Step 2: Choose a Transfer Method at Death
New York allows several methods to transfer real estate at death:
- Last Will and Testament: You can direct property in a will under EPTL § 3-2.1.
- Revocable Living Trust: Funding a trust requires executing a new deed transferring title to the trust (EPTL § 7-1.1).
- Joint Tenancy with Right of Survivorship: Co-own property with one or more persons to pass title on death automatically.
Step 3: Draft a Valid Will (If Applicable)
Include a clear property description in your will. Use the legal description from the deed. Ensure you follow EPTL § 3-2.1 formalities.
Step 4: Sign and Witness the Document
Sign the will in the presence of two disinterested witnesses. Consider a self-proving affidavit under SCPA § 1407 to speed probate.
Step 5: Store the Will and Inform the Executor
Keep the original will in a secure location. Notify the chosen executor or trusted family member where it is stored.
Step 6: Update the Deed for a Revocable Trust
If you use a trust, execute and record a new deed transferring the property into the trust’s name. File the deed with the county clerk’s office where the property lies.
Step 7: Probate or Trust Administration Upon Death
After death, your executor or trustee must administer the property:
- Probate: File the will in Surrogate’s Court (SCPA § 1001) to obtain Letters Testamentary.
- Trust Administration: Follow the trust terms to distribute property without probate.
Step 8: Transfer Title to Beneficiaries
Once probate or trust administration concludes, prepare and record a deed transferring the property to the beneficiaries.
Helpful Hints
- Obtain a certified copy of the death certificate early in the process.
- Review your estate plan every 3–5 years or after major life events.
- Keep all title documents and appraisals in one secure folder.
- Confirm Surrogate’s Court venue in the county where the decedent resided.
- Consult a real estate professional before executing deeds.