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hello, I'm not sure if this is the correct page to post this question, feel free to help me move it at the correct please. Question: if me and my mother both are on the title of a property 50% ownership each (me and my mother 50:50),
, if something happens to either one of us, pass away..etc.
does the 50% half go to the survival title owner?
also under the same condition, if me and my mother both are on the title of a property 50% ownership each,
I have 2 siblings, and if something happens to my mother who is a 50% ownership
on the title of a property and we do not have a will,
does my mother's 50% share need to be distributed to my siblings, but the sibling names
are not on the property title. only my name and my mothers. thanks for helping.
All of these questions depend on how the property is titled. There are different types of titles/deeds, even with 50/50 ownership. Are you tenants in common or is it a joint tenancy with right of survivorship?
People here cannot answer your legal question regarding the estate.
BTW--it's not fully your property if your mother's name is also on the title/deed.
All of these questions depend on how the property is titled. There are different types of titles/deeds, even with 50/50 ownership. Are you tenants in common or is it a joint tenancy with right of survivorship?
People here cannot answer your legal question regarding the estate.
BTW--it's not fully your property if your mother's name is also on the title/deed.
I'm pretty sure it is JT and I know it's not fully my property, thanks for the input.
However you want it to work, it would be VERY smart to go see an attorney and make sure it's set up correctly how you want, NOW before something happens.
It depends upon how you were listed on the Deed. If you were described as Joint Tenants with full rights of survivorship, then the surviving owner would assume full ownership upon the death of the other. In such a Joint Tenants situation, you would inherit your mother's share of the property regardless of what might be written in a will, if there were one.
If you were listed as Tenants In Common, each of you own a percentage of the property, which needs to be specified, and the ownership interest of each would pass to that owner's heirs upon their death. If there is no will, the interest under a Tenants in Common ownership would be distributed according to state law, usually through probate court (in some states there may be exceptions for smaller estates).
You should consult with an estate planning attorney to review your full situation, especially for your mother. It's much easier, and cheaper, to deal with estate issues before a death in the family.
Last edited by jackmichigan; 07-30-2019 at 09:11 PM..
Information about wills (both property and living) are easily found online for free. You should take the time to download the blank form and create a simple will (which is better than nothing), and have it witnessed and notarized at your bank.
thanks for helping my situation is this what you wrote on the reply, quite, "It depends upon how you were listed on the Deed. If you were described as Joint Tenants with full rights of survivorship, then the surviving owner would assume full ownership upon the death of the other. In such a Joint Tenants situation, you would inherit your mother's share of the property regardless of what might be written in a will, if there were one. "
question, if this is the case as above, can my sibling come claim for any parts of the property if my mom passes? thanks!
Quote:
Originally Posted by jackmichigan
It depends upon how you were listed on the Deed. If you were described as Joint Tenants with full rights of survivorship, then the surviving owner would assume full ownership upon the death of the other. In such a Joint Tenants situation, you would inherit your mother's share of the property regardless of what might be written in a will, if there were one.
If you were listed as Tenants In Common, each of you own a percentage of the property, which needs to be specified, and the ownership interest of each would pass to that owner's heirs upon their death. If there is no will, the interest under a Tenants in Common ownership would be distributed according to state law, usually through probate court (in some states there may be exceptions for smaller estates).
You should consult with an estate planning attorney to review your full situation, especially for your mother. It's much easier, and cheaper, to deal with estate issues before a death in the family.
thanks for helping my situation is this what you wrote on the reply, quite, "It depends upon how you were listed on the Deed. If you were described as Joint Tenants with full rights of survivorship, then the surviving owner would assume full ownership upon the death of the other. In such a Joint Tenants situation, you would inherit your mother's share of the property regardless of what might be written in a will, if there were one. "
question, if this is the case as above, can my sibling come claim for any parts of the property if my mom passes? thanks!
If, in fact, you are listed as a Joint Tenant with full rights of survivorship, you would become the sole owner upon the death of your mother. It would be difficult for your siblings to assert an ownership interest but conceivably they could challenge the validity of the Deed which named you as co-owner. It sounds like you might have an unfortunate family situation. You should try to view things from your siblings' standpoint and seek a fair allocation of your mother's assets.
hello, I'm not sure if this is the correct page to post this question, feel free to help me move it at the correct please. Question: if me and my mother both are on the title of a property 50% ownership each (me and my mother 50:50),
, if something happens to either one of us, pass away..etc.
does the 50% half go to the survival title owner?
also under the same condition, if me and my mother both are on the title of a property 50% ownership each,
I have 2 siblings, and if something happens to my mother who is a 50% ownership
on the title of a property and we do not have a will,
does my mother's 50% share need to be distributed to my siblings, but the sibling names
are not on the property title. only my name and my mothers. thanks for helping.
These things are governed by the laws in your state. So only someone familiar with your state's laws would know.
What state are you in? Is the property also in that state? How did you and your mother get the property? Did you inherit it? Or did you buy your half?
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