New York Life Estate With Powers
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FAQ
The real estate term fee simple describes a landowner's complete and total ownership of a piece of land and all properties on it. The fee simple owner may do anything they wish on the land, as long as it falls within established easements and zoning laws.
New York does not allow transfer-on-death deeds for the transfer of vehicle registrations or real estate, but it does allow TOD registrations for stocks and bonds.
With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death.
A life estate deed is a tool that can help with estate planning. With a life estate deed, people deed real estate to another party, but reserve a life estate, which means they have the legal right to occupy the property until death. Upon death, the property passes to the beneficiaries.
You can create a legal life estate in real property by conveying the property using a deed, which creates the life estate for the life tenant. The deed also creates a "remainder interest" for the remaindermen who will receive full ownership immediately at the life tenant's death.