Legal Question in Real Estate Law in New York
Adding a name to a deed
My mother wants to pu tme on the deed to her house in case soemthing should happen to her. We were wondering, what is the differnece between 'joint tenant with right of survivorship' and 'retain life use' in a deed?
1 Answer from Attorneys
Re: Adding a name to a deed
You can be placed on the deed as follows:
1. As tenants in common. That means your Mom's share of the house is subject to inheritance through her will.
2. As joint tenant with right of survivorship. This means that your Mom's share of the house would transfer to the surviving tenant upon her death.
3. To you with Mom retaining a life estate. This means the property is transferred to you, but mom may retain possession (live) in the house until her death.
You also may keep the house in Mom's name, and have her sign a power of attorney. Should Mom lose her decision making abilities, you may make the decisions in her place through the power of attorney.
Mike.
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