I once met with a business owner who had just purchased her first commercial building in Brooklyn. She was proud. The deed was in her name alone—an “estate in severalty,” as the law calls it. To her, this felt like the simplest, most direct form of ownership. She had total control. But as we mapped out her estate plan, she realized this simplicity during her lifetime would create significant complications for her family after her death.
When you own property by yourself, you have the absolute right to sell, mortgage, or lease it without anyone else’s approval. The term “severalty” comes from the word “severed,” meaning your ownership is severed from any other person. This autonomy is attractive. The critical question I always ask clients, however, is this: what happens the day you are no longer there to exercise that control?
The Unseen Risk of Sole Ownership
Unlike jointly owned property with rights of survivorship, which passes directly to the surviving owner, an asset held in severalty does not automatically transfer. It becomes part of your probate estate. This means the building, the condo, or the family home is effectively frozen until the New York Surrogate’s Court validates your will and formally appoints an executor to manage your affairs.
This process is neither quick nor private. The executor must inventory the property, pay any outstanding debts and taxes, and only then distribute it to the beneficiaries named in your will. The entire process is a matter of public record and can take months—sometimes more than a year—to complete. During this time, the property must still be managed, insured, and maintained, but making major decisions about its future is difficult.
The situation becomes even more precarious if you die without a will, a condition known as dying “intestate.” In that case, your property is distributed according to a rigid formula set by the state. New York’s Estates, Powers and Trusts Law (EPTL) § 4-1.1 provides a strict hierarchy of who inherits your assets. Your wishes, intentions, and the unique needs of your family members are irrelevant. The law dictates the outcome, and it may not align with what you would have wanted.
Stewardship: Moving from Ownership to Legacy
Holding title in severalty offers control, but true stewardship requires a plan for continuity. For many of my clients, especially those with significant real estate holdings or business interests, leaving these assets to pass through probate is an unacceptable risk. The delays can jeopardize business operations, and the public nature of the proceedings can expose family finances to unwanted scrutiny.
A more deliberate approach involves planning for the transfer of ownership with the same care you took in acquiring the property. One of the most effective instruments for this is a trust. By transferring the title of your property from your individual name into a revocable living trust, you retain full control over the asset during your lifetime. You can manage it, sell it, or refinance it just as before.
The crucial difference is what happens upon your death. Because the trust—not you—is the legal owner of the property, it does not become part of your probate estate. The person you’ve named as your successor trustee can step in immediately to manage the property according to the instructions you’ve laid out in the trust document. There is no court-mandated delay, no public filing. The transition is private and efficient. This is how ownership becomes stewardship.
Is Your Deed Aligned With Your Intentions?
The way your property is titled is not just a line of text on a legal document. It is a fundamental component of your estate plan that has profound consequences for your family. An estate in severalty provides ultimate control during your life but offers no protection or direction after your death. It places the entire burden on the probate process and the clarity of your will—or the unforgiving logic of state intestacy laws.
A prudent estate plan ensures that your most valuable assets are protected and that their transfer is a reflection of your deliberate choices. It is a plan for continuity, not just distribution.
The first action is to understand exactly how you hold title to your properties. If you are unsure how your real estate assets are structured, schedule a consultation to review your current deeds. We can analyze how these titles integrate with your overall estate plan and determine if they truly serve your family’s long-term interests.
