Legal Question in Real Estate Law in California
Co-ownership and leagal rights after death
My mother and I co-own a condo together, when she dies, do I, or can I automatically take full posseson of the property? or is there something leagally now we need to do so that would happen?
4 Answers from Attorneys
Re: Co-ownership and leagal rights after death
I think that the sentiment expressed by my counterparts is accurate.
The bottom line is that if you have parent or a loved one who you share title on property and that passing is an imminent concern, it is always "safer" and "less costly" to have an outright claim to title on the property while your co-tenant is alive, as opposed to after his or her passing.
Otherwise, you may risk the possibility of having some complications when your co-tenant passes. The real issue is we are dealing with real property that probably has a six figure value and not a , being a conservative attorney I would suggest changing title just for simplicity sake. If you were dealing with nominal personal property, I would not suggest taking such action.
Nonetheless, it is a matter of preference, but a safe and wise precaution to take in the larger scheme of things.
Thank you.
Khach "Catch" Akhkashian
Re: Co-ownership and leagal rights after death
If owned as joint tenants, then it will pass to you. If owned as tenants in common then change deed. Please call me directly at (619) 222-3504.
Re: Co-ownership and leagal rights after death
It depends upon whether you own the condo as tenants in common or as joint tenants with right of survivorship.
If the deed shows that you are tenants in common, your mother's share will pass according to her will or will substitute, and if none, according to the rules of intestate succession. If you are an only child and/or are named as heir, you will get full ownership, but only after probate proceedings. Your mother, while living, has the power to will her half interest to anyone. This also assumes your mother is unmarried at the time of her death.
On the other hand, if you and your mother hold your ownerships as joint tenants, upon her death you become the sole owner without the necessity of probate, and there is a rather simple filing you can do at the county recorder's office to show the fact of sole ownership on the public records.
Re: Co-ownership and leagal rights after death
If it is "Joint Tenancy" yes, otherwise no. There are tax reasons you may not want to have it in Joint Tenancy or even other forms of co ownership.
Joel Selik
www.4TheLaw.com
www.TaxWorkOut.com
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