My wife (Linda), mother in law (Catherine) and I (James) co-own rental property. It's defined in the deed as Joint Tenants. My mother in law in 72, I'm 62, and my wife is 52. We are all in agreement that if me and wife die before the mother-in-law that the our share will go to our daughter (Jayme). Moreover, my mother-in-law also agrees that when she dies our daughter will inherit the property. Attached is a draft Agreement that we will sign and notarize. My question is this draft binding?
Right of Survivorship
The property atXXXXXExtension, St Joseph, Trinidad, West Indies is co-owned by Linda Narine, Catherine Narine and James Michael McKinney. This property is in the Ward of Tacarigua in the Island of Trinidad shown as Lot No. 14 on the Plan annexed to the Deed registered as No. 60091 of 1972.
The original structure of the ownership is Joint Tenants as detailed in the Deed showing Linda Narine, Catherine Narine and James Michael McKinney purchased said property.
This agreement modifies the right of survivorship in the event that Linda Narine and James McKinney both die before Catherine Narine. Catherine Narine agrees to give Linda’s and James’ ownership of the above mentioned property to their daughter Jayme Mickaela McKinney at the time of their death. Monies from said property either through rental or sale shall be placed in a trust account for Jayme M. McKinney if she is under 18 years of age. If Jayme is older than 18 years old then she immediately owns her parents’ share of the property. Upon Catherine Narine’s death her ownership in the property shall be given solely to Jayme Mickaela McKinney.
This agreement supersedes Catherine Narine’s final Will and Testament and nullifies any and all objections from all suitors as to Jayme Mickaela McKinney’s ownership of said property and structures atXXXXXExtension, St Joseph, Trinidad, West Indies.
Name: Catherine Narine
Name: Linda Narine
Name: James Michael McKinney