Legal Question in Wills and Trusts in New York

My mother's and father's name or on the Stock Certificate. My father died in 2005. In addition to having his name taken off Stock Cert., my mother wants my name on the coop shares Stock Certificate. In order to do this, I have to fill out an application that must be approved by the Board. My mother says it is necessary to have my name on the Stock Cert. for when she passes away. This makes no sense to me since in her will, it says that upon her you know death, the apt. must be sold, and then the proceeds will be divided between me and my brother.

So, my question is if that is in the Will, why do I have to be half owner NOW? She says it's because it could take a long time for the apt. to get sold. How does that have any meaning? She says it does since her apt. is a coop, so it's not really a physical space bequeathed to me, it is shares. Still, I don't get it, and it makes me nervous.


Asked on 2/22/11, 9:42 am

1 Answer from Attorneys
Rudolf Karvay Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.

If your mother's intent remains the same and she wants the apartment to be sold and the proceeds divided between you and your brother, then placing you in title would frustrate that intent because the coop proceeds would not be divided 50/50. I suggest that you and your mother visit an attorney to discuss the pros and cons of the transfer.

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Answered on 2/22/11, 10:57 am


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