New York State’s Transfer on Death Deed law goes into effect in July 2024.
The new law allows New York State residents to designate a beneficiary during their lifetime who will automatically inherit their estate upon their death.
The advantage of this approach is that its simplicity is attractive: the property can be transferred quickly after death, avoiding the cumbersome probate process.
However, since the new law has just come into effect, it still has its shortcomings. For example, the records are public and lack privacy; if there are debts during one's lifetime, it increases the time for creditors to recover the debts from the property, etc.
We recommend that anyone considering executing this new covenant first consult with an experienced estate planning attorney. If you need guidance on your estate planning goals, please contact Si Yang, esq for a detailed consultation.
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