Legal Question in Real Estate Law in Maryland
Joint Tenants w/survivorship right of one to terminate
Two unrelated individuals own a home as joint tenants with right of survivorship. One party rewrites their own will and establishes a ''trust''. A new deed is created which redirects 50% of the home into their newly created ''Trust''. Is this allowed without the written consent of the other owner. What happens to the joint tenancy deed? Does this new deed need to be recorded to be legal? Does the trustee/property owner maintain posession of this new deed or is it kept in possession of the lawyer?
1 Answer from Attorneys
Re: Joint Tenants w/survivorship right of one to terminate
Joint tenancy can be terminated by the present act of either joint owner. A will of a joint tenancy interest is ineffective, but a deed is. It severs the joint tenancy and creates a tenancy in common. So the deed to the trust has that effect. No consent of the co-owner is required.
Maryland law requires deeds to be recorded to be effective, but they still take effect without recordation between grantor and grantee, as well as any third party with actual notice. If not recorded, who should possess it is not a question of law - the law provides that it should be recorded.
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