Legal Question in Wills and Trusts in New York
my brother is 87 yrs old i am 76, he just put my name on his coop with his. as owners. i am married [ a second time ] there is no one left alive. we have no brothers or sisters; he was never married and has no children; if i die before my, brother would my wife have any legal rights to his coop, if the answer is yes how can i change that'
3 Answers from Attorneys
There are generally tow ways for you to inherit your bother's property: the deed can specifically state that you are a beneficiary on his death (different from being a co-owner); or remove your name off the deed and create a will where the property is passed to you on his death.
The problem with Locksley's answer is that there is no deed for a cooperative apartment, just shares.
To answer your question depends on how ownership of the shares is worded. If the shares are worded "John Doe and Sam Doe", then each individual owns fifty percent of the shares. Upon the death of Sam Doe, his percentage of the shares would pass to his heirs.
If the shares are worded "John Doe and Sam Doe as joint tenants", then upon the death of Sam Doe, John Doe receives the all the shares.
Mike.
I agree withg Mike, but also add that with the shares goes a Lease, and all documents must be consistent and complied with (should there be lease restrictions on who can inherit and if there are any limitations. Not having seen any of the documents I can only provide a general answer. The shares, to cover your concern, should be registered as you and your brother, as joint tenants with right of survivorship. This way if he survives you he gets the property back. You say there is no one alive and he was never married and had no children. Do you have children? If so, he might want them to inherit in your place. Also, if you have children, are they from this marriage or the prior one, or both? Which children should inherit through you? This may complicate things, and I suggest you both speak with an estate attorney, to be sure things go as he and you want, regardless of who dies first or last, and see that all documents are in place to assure this result.
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