My Mom and I have a joint tenancy deed and she recently passed away. My Dad passed a few years ago. Does the property transfer over to me? How is it divided with my siblings? Is there and inheritance tax to be paid? There was no will.
2006-11-09 03:09:07 · 6 answers · asked by Confused 1 in Business & Finance ➔ Renting & Real Estate
too late to throw rocks about no will..state law will tell you how its divided. unless its big bucks prob no tax, but may be a probate fee if a court has to decide how to divvy it up. Joint tenantcy will deed to you, but the sibs have rights to parts of the estate in all states I know of.
2006-11-09 03:12:28 · answer #1 · answered by David B 6 · 0⤊ 0⤋
Your post is unclear. If it is a joint tenancy with right of survivorship, the survivor gets it. Siblings not on the deed get nothing. You mention your father but don't say what his interest was. Whether there is an inheritance tax depends upon the total value of the estate & your state's tax laws.
Consult with a local lawyer.
2006-11-09 11:42:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Joint tenancy is created by in this case 2 people signing a legal instrument (the deed). When you signed the deed, it describes the co-owners as "joint tenants with right of survivor ship." That term is always used when creating a joint tenancy and means that when one joint owner dies, the surviving owner automatically takes the property. This is true regardless of the terms of the will.
2006-11-09 18:12:40 · answer #3 · answered by Cside42 1 · 0⤊ 0⤋
Before my father n law passed away, he had no will. One of the brothers wanted to stay at the farm and live there, the lawyer said this was fine if none of the other siblings protested. Nobody cared, they got their own loan for the mortgage, and now they live there. No probate court involved in the land deal. I would think the property would transfer over to you, and if your siblings don't object then it could stay in your name. Say you tell them well all I want is this land and so and so. Then they could say well we want to divide the rest among us. Compromising will speed up the process and keep it out of the probate courts. I don't think you would have to pay an inheritance tax since the property is already in your name and theirs before they passed away. All of the siblings need to attend the meeting with the lawyer together.
2006-11-09 11:20:26 · answer #4 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
You had best check with a real estate or probate attorney in your area for the specifics, but in general:
With a joint tenancy deed, you would retain ownership of your half of the property. If you had right of survivorship, then it all reverts to you. If you do not have right of survivorship, then your mom's half would be divided among her heirs.
You will need to follow your state's probate rules and regulations. Since their is no will, your mom's estate would usually be divided equally among all of her heirs.
2006-11-09 12:26:49 · answer #5 · answered by CMR2006 3 · 0⤊ 0⤋
This depends on how the tenancy is set. If set with rights of survivorship then you get the property. If set up as In Common then you get 1/2 the property and then you and the other heirs share in mom's half.
2006-11-09 11:24:49 · answer #6 · answered by golferwhoworks 7 · 0⤊ 0⤋