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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 37017
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My mom and a friend plans to partner up as joint owners of a

Customer Question

My mom and a friend plans to partner up as joint owners of a home in New York. My mom is 76 years old. What happens if my mom dies before her joint owner if she has a Will that says we, her children inherit equal shares?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Are they actually taking title as joint owners?

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thanks

Barrister

Customer: replied 1 year ago.
as what my mom says. But her Will says her heirs get equal shares
Expert:  Barrister replied 1 year ago.

Ok, that presents a problem.... If they are listed as "joint owners with right of survivorship" or any similar language, then when one of them passes, the other becomes the instant owner of the entire property. Jointly owned property doesn't go through probate so as to be controlled by a will.

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So if they want to be able to pass their 50% down to their heirs through their wills, they need to take title as "tenants in common" stated specifically on the deed.

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided so I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting "For Barrister" in the caption and they will get it to me.

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thanks

Barrister

Customer: replied 1 year ago.
Is it possible that with joint ownership that she can just buy us out as the heirs or can she just take ownership and not give us any proceeds? Like if she legally gets the home, based on my moms Will, is she legally obligated to make sure we get our inheritance or can she ignore the Will altogether? My moms much older and we feel she is being taken advantage of.
Expert:  Barrister replied 1 year ago.

Is it possible that with joint ownership that she can just buy us out as the heirs or can she just take ownership and not give us any proceeds?

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If friend and mother own a property jointly, then if mother passes first the friend owns the building instantly and doesn't have to pay any heirs anything.

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If they take title as tenants in common, then mother's half would pass down according to her will to her heirs.

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Like if she legally gets the home, based on my moms Will, is she legally obligated to make sure we get our inheritance or can she ignore the Will altogether?

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If mother gives her the house in her will, then it is the friends. Whoever is executor of mother's estate would be responsible for transferring the house to the friend and then distributing the rest of the assets to the other heirs.

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So basically unless mother wants friend to end up with the house, she shouldn't take title on the deed as joint tenants.

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thanks

Barrister

Expert:  Barrister replied 1 year ago.

Hello again,

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Did you have any further questions I can help with?