Real Estate Law
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Can one owner of a joint tenancy mutual fund cash out the fund without the signature of the other? Who is entitled to property that was once held as joint tenants? If you are a joint property owner, it is important to know your legal rights. Consulting a lawyer can be costly, therefore, contacting an Expert for the most accurate answers to all your legal questions. Read below where these questions and more have been answered by verified Experts.
In this case, any party involved may file a partition suit and the court will either divide up the property in three shares or order a sale of the property. If the court orders a sale, the legal fees and court costs will be paid first, and then the net sale proceeds will be divided by the three parties.
This should have no legal effect. An individual cannot simply Deed property to nobody to avoid paying the required fees. In a Deed there is normally a grantor and grantee, so simply signing a general warranty deed would not relive the obligation to pay the fees. Both parties are legally responsible for the required fees. A person also cannot transfer another’s legal interest, so therefore one owner did not sign his or her interest over, the Deed would be void.
Yes, this is correct. A joint tenancy with right of survivorship passes outside of probate to the survivor or survivors.
If the account is a joint account, then either owner has the right, title and access to 100% of the proceeds in the account. Thus, the broker is correct. This is no different than a joint checking account that can be accessed by either owner of the account and the funds can be used by one owner without the permission of the other.
No, unfortunately it is not likely the owner would have the ability to have the funds returned. However, in the future, he or she could be protected from this happening to other funds that are owned jointly by dividing the funds and placing in separate individual accounts.
Under California law, whether the transfer of property is a partial or total transfer, either a Deed or a Trust will cause the property to be reassessed.
No, if the other individual is a present beneficiary of the Trust (because it’s consistent with the right of survivorship, and therefore, does not sever the joint tenancy), but if there is anyone else that is a beneficiary of the Trust, then it is going to sever. Furthermore, the attempt to transfer all the property (rather than what is allowed) would likely sever the interest.
Case Details: In divorce ex-husband was awarded the property. Ex-wife never signed a Deed. Fifteen years prior to ex-husband’s death, he remarried, but at the time of his death the property was still owned as joint tenants with ex-wife.
If there was a marital property settlement that was ordered pursuant to the divorce action where the ex-husband was awarded the property, but the Deed was never changed, then the divorce decree would still be effective. Therefore, the second wife would have grounds to file a “quit title” lawsuit against the ex-wife to have a judge declare the property should have been deeded over to the ex-husband pursuant to the divorce decree and this would be legally considered to be the ex-husband’s separate property. The property would now belong to his estate to descend according to his Will or the state laws of intestacy.
As seen above, many questions can arise regarding an individual’s rights regarding joint tenancy. It can put your mind to ease and be of comfort to know that Experts can answer your questions with correct, knowledgeable information. If you have more questions verified Experts are available, day or night, at your convenience.
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