A New York resident executed a living trust agreement that simply recited that his house belonged to and had been assigned to it. However, at the time of his death, no deed had actually been executed.
Assets that are in a living or “intervivos” trust avoid probate only if they have actually been transferred to the trust. A deed is required to transfer real estate into a trust. Merely reciting in the trust agreement that assets are being assigned to or are held by the trust is insufficient for transferring them to the trust.
Therefore, the NY Appellate Division, First Department held that the house is part of the probate estate, rather than part of the trust.
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