Securing My Property: Exploring Trusts and Protection in NYC

[Michelle Garcia]

Hey everyone, hope you're all doing great with your properties! So, here's my story: I jumped into the real estate game two years back and now own two properties. One's a multi-family unit that's rented out, and the other is my humble abode.

Lately, I've been hearing a lot about the idea of shifting properties from your name into a trust. I'm curious about it and wondering if it's a smart move. Any honest thoughts on whether it's a good idea? Also, I'm particularly interested in how to make this happen in New York City.

Oh, and here's the kicker: I've got a little one on the way, so I really want to ensure my investments are solidly protected. Any suggestions or recommendations for pros who can help me out in the NYC area? Can't wait to hear your insights, folks!

[Mitchell Zoll]

Congrats on the baby on the way!  Exciting times.  To answer your question -trusts are used as part of an estate plan to direct ownership of your property after you die - either passing it to another person or, for your baby’s sake, holding it under the control of another person til the baby becomes an adult. It’s part of a bigger process (including a will and docs for you if you need help) and you don’t want to miss a step, so don’t just google this one.  Talk with a NY lawyer about your plans and preferences and they can make it happen.