Begin with the deed and the ownership records
Gather the recorded deed, mortgage information, insurance policy, leases, and any entity or trust documents. Ask counsel to identify exactly what the owner holds. An individually owned building, an interest shared with another person, and membership in a company that owns a building require different analysis. Family assumptions about ownership should be checked against those records.
New York’s Surrogate’s Court inventory rule distinguishes individually owned estate assets from categories such as trust assets and non-probate property. That distinction is a useful starting point for planning. Do not assume a will controls every asset or that every jointly held asset passes in the same manner; the particular ownership documents matter.
Connect the will with the administration process
The New York Courts explanation of probate describes the process of establishing a will’s validity and appointing the executor. Naming someone in a will is therefore different from completing the court process through which that person receives authority to administer the estate.
Keep the original will in an appropriate, accessible location and tell the intended fiduciary how to locate it. Maintain a separate information sheet with property addresses, professional contacts, insurer details, and the location of key records. Avoid putting account passwords or other sensitive access credentials into documents intended for public filing.
Plan for the building’s bills and decisions
Consider a hypothetical owner who wants two adult children to inherit a rented two-family home. One child wants to keep it; the other expects a sale. The planning discussion should cover who manages repairs, how expenses are funded, how a buyout might be valued, and what happens if agreement is impossible. Equal percentages alone do not resolve these questions.
The courts’ guidance on estate fiduciaries explains duties that include protecting assets, paying obligations, and distributing property according to the governing will or law. Choose a proposed executor based on availability, judgment, and ability to keep records, as well as personal trust. Discuss a suitable alternate.
Ask separately about incapacity planning: who could handle financial matters while the owner is alive but unable to act? Review whether a power of attorney or a properly implemented trust is appropriate. Before changing a deed or transferring property, examine mortgage, insurance, tax, and public-benefit consequences with the relevant professionals. Signing a trust document alone should not be treated as proof that the building has been transferred into it.
Bring these questions to the planning meeting
- Who owns each property interest, and which document governs its transfer?
- Who should manage the building, and who can serve as an alternate?
- What funds could cover insurance, taxes, repairs, and mortgage payments during administration?
- Are there family occupancy expectations or potential disagreements to address expressly?
- Have a marriage, divorce, death, refinancing, or property acquisition made existing documents outdated?
The estate planning guide and probate and estate administration guide offer related reading. The Craig A. Fine, Esq. Brooklyn legal resource connects estate planning with property matters.
Attorney advertising. General information only, not legal advice. Legal requirements and outcomes depend on the facts; reading this article does not create an attorney-client relationship.
Craig A. Fine, Esq.
Attorney and founder of The Law Office of Craig A. Fine, P.C., licensed in New York, New Jersey and Florida. Contributor covering residential and commercial real estate, business law, contracts, landlord-tenant matters, litigation, wills, trusts and estate planning.
