Legal Question in Real Estate Law in New York
Co-owners
My husband and I are co-owners of a 2 family house with his cousin and her husband. We have 2 adult children. If something should happen to me and my husband together who would own our share of the house. Would it go to our children automatically or would his cousin own the whole house? Also, if something happens to his cousin and her husband together would we own the whole house or would it go to their next of kins?
2 Answers from Attorneys
Re: Co-owners
It depends on if the deed is tenants in common or joint tenancy. The information given does not permit an answer.
Good Luck
RRG
Re: Co-owners
It's issues like these that reinforce the need for homeowners like yourselves to have a Living Trust. You can place your share of the home in a revocable trust with your children as the beneficiaries.
This way, you can avoid probate costs and fees, and ensure that your property will pass according to your wishes.
Contrary to popular belief, Living Trusts are a very affordable alternative to a will, and much more cost-effective.
If you would like to set up a consultation to get started on an estate plan, you may contact my firm via email.
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