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Can I leave my co-op to a friend who is not an owner or on the proprietary lease in my will? The person would not want to live in the co-op, it would be sold.
Thank you Steve. I have an appointment with an attorney next week. Your advice was very informative and helpful.
Thanks, Queens.
FYI Steve, I now have a will. It was very easy and the fee was well worth the peace if mind. Thanks again...
Hi Queens - I'm glad you found the estate planning process to be a positive experience and many bonus points for going to an attorney. :-D
I hope others on this board read your messages and feel a little less anxious about taking the first step.
May you not need probate for a very very long time!
--- Steve
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I am not a lawyer. My wife practiced Trust & Estates law, and this is from memory of our discussion on this topic.
You can leave your shares in the co-op in your will to anyone. If your Proprietary Lease is the one commonly in use, the person you leave it to will have to undergo the same financial review, interview, and any other activities normally associated with a new purchase. The person is *not* guaranteed the shares will be transferred into their name just because the deceased owner said so.
In your will you might want to direct that the shares be sold by the executor of your estate and the proceeds from the sale given to your friend and not bequest to your friend outright.
Keep in mind that there are overlapping and sometimes contradictory tax consequences in the way your estate is distributed. All of these questions should be answerable by the attorney who is preparing your estate. If you're not using an attorney, whatever will you prepare stands a good chance of being disqualified, at which point the Surrogate's or Probate Court will step in and do what *they* want.
Remember, I Am Not A Lawyer. I was just married to one. You need to seek the advice of a qualified T&E attorney to make sure what you want after you're gone is what will actually take place.
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