Legal Question in Wills and Trusts in New Jersey

Re: joint tenantsWROS

First, a will has no effect until the maker dies.

After the death of the relative, you may always disclaim your interest - a disclaimer has the effect as if you had predeceased the relative, and your share would then be added proportionally to the other 3 siblings.

Another way is to be sure that all owners are carrying sufficient property casualty and liability insurance coverage on that particular property.

It would also be advisable that all co-owners have a co-owner agreement among them, that spells out their respective rights and responsiblities, including buying out the interest of one if one decides to give up her/his interest in the co-ownership.

The better question is why is the relative leaving it to 4 siblings as JTWROS, but giving one substantially more rights and control of the property?

Re: joint tenantsWROS

I have read what the other lawyer wrote.

I also wonder why this is being set up this way. That makes it very likely that there will be problems.

your relative would be smart to talk to an attorney who does this kind of work.

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Re: joint tenantsWROS

I agree with the other authors that this may not be the best way of doing it, and have several other questions. My suggestion is for the people who inherit to create an LLC (Limited Liability Copany)under the State laws where the property is located. As long as there are no personal guarantees given as to any operating obligations, this should prtect personal assets from liability claims. A LLC is like a partnership and I also suggest some form of written agreement among the owner-partners, spelling out each one's obligations, rights, etc. You have not said if the person given the right to reside there is repsonsible for all operating bills, such as taxes, insurance, utilities, repairs and maintenance and other matters normally associated with home ownership. Also, little things like homeowner's rebate should be covered. Under what circumstances and how can the person residing there be ousted? What rights does everyone have if the property is subject to waste (not making repairs or maintenance) and a miriad of other issues involved in joint ownership and occupancy. Maybe the relative could be persuaded to create a living trust while he/she is alive, making it revocable while that person is living and to become irrevocable on his/her death. There may be benefits to the relative and a good estate and real estate attorney, like I am, should be consulted to assist. The trust agreement could cover the matters I raised earlier in this reply. If you have additional questions or need more information, contact me directly.