Legal Question in Real Estate Law in New York
My brothers and I were willed a piece of property in New York by my Grandfather. The deed is a traditional deed with all 3 listed. I have been asked to sign a joint tenancy in the event one of us dies to avoid costly probate. I want to make sure that I cannot be forced to sell the property because my brothers want their money from the property. Is this a good idea to sign a joint tenancy deed?
2 Answers from Attorneys
It's a good idea if you want your brothers to inherit this property when you die. They already have the right to force a sale of the property. You would have defenses, maybe, but also sky-high legal bills.
I agree with Kevin, but there is a downside. Jt tenancy with right of survivorship only pertains to the people named in the Deed. Thus, if you were to predecease your brothers, the last survivor would inherit the entire house. Thus, famillies of the deceased brothers would not get anything. If you wanted your family to inherit your share, the Deed must remain as tenants in common (each brother owning 1/3 share and can let their family (spouse and/or children) inherit it when they die, regardless of who dies first, second or third. Since joint ownership, whether as tenants in common or as survivorship, is like a partnetship, anyone can sue for partition and cause a sale or require one or more partners to buy them out, An attorney should be consulted, the alternatives explained, and a proper Deed setting forth the decision recorded. An agreement between you as to what happens when someone dies is also recommended.