Legal Question in Real Estate Law in New York
survivors benefits
I own and occupy a coop in NY and a condo in FA with a 71 yr old married man. His wife is in Ireland and he has lived here since 1984. They both hold dual citizenship. The deeds to both properties are with rights of survivorship. I also hold a joint stock account with the same person. If he passes away, are my rights secure or does his wife have any claim to the properties and the stock account? Also, he has six grown children, 2 in Ireland and 4 in the states. Do they have any claim to the jointly held account and the property? If the right of survivorship clause is not enough protection, what do I need to do?
1 Answer from Attorneys
Re: survivors benefits
Q. If he passes away, are my rights secure or does his wife have any claim to the properties and the stock account?
A. The property passes to you under law. However, the wife does have a right of election under New York State law and can sue for either a distribution or a constructive trust on the asset.
Q. Also, he has six grown children, 2 in Ireland and 4 in the states. Do they have any claim to the jointly held account and the property?
A. No.
Q. If the right of survivorship clause is not enough protection, what do I need to do?
A. You can have the married man deed you the property (both real estate and stock account) in full.
Mike.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
