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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22653
Experience:  14 years real estate, Realtor. Landlord 24+ years
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I want to make my son and daughter beneficiaries for my co-op

Resolved Question:

I want to make my son and daughter beneficiaries for my co-op apartment in Queens, NY, so they can sell my apartment after I die. Also I do not have a Will.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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If you want to set up an estate plan to transfer your shares in the co-op to your children, you can do so either by having a will drafted that leaves the shares to them or you can have a trust created that does the same thing.
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The will would be cheaper initially, but when you pass the executor would have to open a probate case and your assets would have to go through a formal probate. This involves a lot of time and expense for attorney's fees. On the other side, a trust is more expensive initially, but it allows the trustee to immediately transfer assets to your heirs without having to go through probate. A will is also a public document while a trust is completely confidential.
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So it just depends on which route you prefer to go.
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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

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Customer: replied 1 year ago.

Thank you. I do not have a lawyer; too much money. Who can I turn too that can assist me with creating a trust that doesnt charge a lot? Any recommendations?

Expert:  Barrister replied 1 year ago.
Well, if there is a local Legal Aid office, they could probably refer you to a low or no-cost attorney who could help. If there is a college nearby with a law school, they often have legal aid programs where the 3rd year law students help people under the supervision of a licensed attorney.
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The other option is to just draft your own will or trust. You can obtain templates from online sources that provide completely legally binding documents specifically drafted to comply with the state the customer is in. One that I actually use is uslegalforms.com as they are inexpensive and provide templates that were originally drafted by attorneys.
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Thanks
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 22653
Experience: 14 years real estate, Realtor. Landlord 24+ years
Barrister and 5 other Real Estate Law Specialists are ready to help you

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