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If I pass away what can I do for my everything to be given to my children without a wait period? Other then a Will?

Brooklyn, NY |

A friend was listening to a radio show where they were talking about something that you can do/fill out to ensure that when you pass away whoever you say is to get everything will get it right away without a wait period. I have a house and if something happens to me I want my child to get it right away. What do I need to do to ensure that this happens?

Attorney Answers 4

  1. Best answer

    There are a couple of ways to do it. You can convey the house to a trust or change the ownership of the house to joint tenancy with right or survivorship or convey to your child while retaining a life estate for yourself. Each option has its advantages and disadvantages. I can't advise what will be best for you based on an Avvo post. You need the advice of an estate planning attorney.

    Any opinions stated in response to Avvo questions are based upon the facts stated in the question. Responses to Avvo questions are for general information purposes only, and should not be construed or relied upon as legal advice.

  2. Joint tenancy with right of survivorship makes your children co owners in your property. You could be subject to a gift tax depending on the value of the house. You should probably consult with an estate planner before doing anything.

  3. If you die intestate (without a will) under New York State law any real property you may own, such as a home, immediately vests in your heirs at law. If you are survived only by your children, upon your death they would own the home as tenants-in-common, each owning an equal share. If you wish a different result,you may need to convey your home to a "living trust." or convey the home to your child or children, retaining a life state. An attorney can advise you of the best way to proceed.

    The answer to this question should not be construed as legal advice and does not create a lawyer-client relationship. You should consult a lawyer before taking any action regarding your matter.

  4. "Other than a will?" The will would have to be probated causing a long wait period and considerable expense. Talk to a local estate planning lawyer. A consultation will be free or won't cost much and if the lawyer wants to sell you on an estate plan you feel is too expensive, talk to a different lawyer. Estate planning can save your family a lot grief is something happens to you and prices for legal services in this area vary tremendously. I don't have a license to practice law in New York but in Nevada where I do practice my law firm of Reed & Mansfield competes on prices. Other probate and estate planning lawyers have no interest in competing on price. So shop around.

    Often form you can buy from Legal Zoom or a paralegal turn out to be a bad value because often lay people make mistakes that aren't apparent until they die and then their heirs have an unnecessary mess on their hands.

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