Agent

Elderly couple urged to rethink real estate title

If title isn't fixed, offspring see inheritance trouble
Published on Jul 3, 2008

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by CareyBot

Q: My parents (now in their 80s) own a small apartment building with my brother and his wife. Title is held as joint tenants with right of survivorship. When the property was initially purchased, they agreed that this would be a 50/50 partnership. Both couples also agreed that if they died, their respective 50 percent share would go to their respective estate and not to the remaining partners. I have two questions:

Shouldn't they have the title redrawn as tenants in common so as to accomplish what they initially intended?

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