Can a co-owner gift their share to an outside party?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a co-owner gift their share to an outside party?
My father was a co-owner with his brother and sister to a house that our family has owned for over 200 years . My father recently passed away. In his Will it states his wife, not my mother, inherits everything. Is my dad just taken off the deed and his brother and sister the only owners now or will my fathers wife be added to the deed with his brother and sister?
Asked on October 2, 2011 under Estate Planning, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If your father passed away where he gifted a fractionalized interest in a piece of property that he owned with his brother and sister to his wife, the wife will end up on title to the property with the fractionalized interest of your father as follows:
1. if your father had a trust, the trustee will sign an affidavit of trustee stating that the wife now has your father's interest in the property where a certified copy of the death certificate is attached to the document and it is recorded on the property;
2. if a will or no will, the probate court will issue an order stating that the wife will receive your father's interest in the property which will be recorded on the parcel.
The transfer of interest will be a separate document not mentioning the other owners.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.