If I am a co-owner of property with my sister, how can I be sure that if I die before she does my children will then be legal owners of my share?
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If I am a co-owner of property with my sister, how can I be sure that if I die before she does my children will then be legal owners of my share?
My fathers home is in the name of my father, myself and my sister. He has passed away and now we own his property.
Asked on October 11, 2011 under Real Estate Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
In order to be sure who ends up with your share of the ownership of the property that you co-own with your sister after you pass, you first need to make sure that you do not hold legal title to the parcel as a joint tenant with your sister. The reason being is that under the laws of all states in this country if an item is held in joint tenancy between two (2) people with the right of survivorship, the surviving co-owner receives the deceased person's interest in it.
I suggest that you consult with a real estate attorney who does Wills and Trusts as well. Potentially the best way to make sure that your children receive your interests in the property is through a Will or a trust once you ascertain how legal title to the property is held.
Good luck.
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