Why Create A Life Estate?

Creating a life estate in New York might be a good option for those who want to simplify the estate planning process. With a life estate in place, there is no probate process upon the life tenant’s death. The property will automatically transfer to the remainderman. This can be a tremendous source of relief to the life tenant as they know exactly what will happen to their property upon their death.

Creating a life estate with an elder law attorney is also a way to protect your home from Medicaid estate recovery. What that means is, if you receive Medicaid, the government may try to recover any costs from your estate one you pass away.