How each property would pass today
Real property held in your own name usually passes through probate in the Surrogate's Court of the county where you lived, and property in another state may need a separate proceeding there as well. Property held jointly with a right of survivorship generally goes to the surviving owner regardless of the will. When the property sits inside an LLC, what passes is your interest in the company, and the operating agreement may say whether your heirs become full members or only receive the economic share. Many investors are surprised that their will controls less of their real estate than they assumed.
Tools that are commonly used
A revocable trust that holds deeds or LLC interests can let property pass without probate and lets a successor trustee step in to manage buildings if you become unable to. Operating agreements can be updated to name who manages the company after a death or incapacity, and partners often use buy-sell terms so the survivors are not suddenly in business with an heir. New York has its own estate tax, which works differently from the federal tax and can reach estates the federal tax does not, so the size and location of your holdings matter. Heirs often receive property with a tax basis reset at death, which affects whether lifetime gifts make sense, and that question belongs with your accountant as well as your lawyer.
What a planning meeting covers
Bring a list of each property with how it is titled, current deeds, LLC operating agreements, loan documents, and any existing will or trust. We look at which properties would go through probate, where there is a risk that management would stall, and whether family members or partners have conflicting expectations. We also check that lenders and title insurers will accept any transfer into a trust or new entity before anything is recorded. The aim of an initial meeting is a clear picture of what happens now and a short list of changes worth making first.
