Joint Tenants?

Question

My sister owns property as a joint tenant. The lawyer told her that she has to sell her share of the property now or else her children will not be able to collect her share when she passes away. If she does not sell, her other joint tenant will receive her share when she passes away. Does she have any other options that will allow her kids to inherit the property? Can she legally put it in her will?

Answer 1

Joint tenancy carries rights of survivorship. That means upon death of one joint tenant, that person's interest in the property automatically passes to the other joint tenants. Joint tenancy transfer bypasses a will, and is automatic.

Most states allow for converting from joint tenancy to some other form of shared ownership, including tenancy in common. This does not carry rights of survivor shop, and can be transferred by will or other means.

Property laws vary by state, and the procedures for handling conversion from one type of ownership to another can be complex and nuanced. This is an area where she really should consult with a licensed attorney.

Answer 2

If she's a joint tenant then it goes to the other tenant regardless of what her will says. This is true for beneficiary designations as well. She can buy out the other tenant's property and put it in her name only and then pass it to her children via will.

Answer 3

depends on the state and city she lives in. She needs to call her own real estate lawyer to get a straight answer. a little money for what can eventually be a lot for her heirs. Tell her to be careful because there are a lot of sharks out there. I can only advise in further depth for the state I live in and I have never heard of joint tenancy where i live. so i won't offer more then for her to make a phone call. And do it soon.

Answer 4

you pays your money and you takes your chances. if she survives the other person she gets it all.