Agent

Real estate buy-out complicated by death

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: My brother and I purchased a beachfront condo as tenants in common. We realize this set-up makes each of our halves of the condo go to our heirs upon the death of one of us. However, what we both would really like to happen is for the surviving brother to have the right of first refusal to purchase the other half of the condo from their heirs of the deceased brother. In both of our situations, our heirs are adult children. Is there a way this can be done? – Rex H. DEAR REX: Yes. Your wish is easily possible. However, your current method of holding title is very dangerous. If one of you dies before the problem is fixed, you (or your brother) could wind up owning half of the condo with the late brother's adult offspring if they are specified heirs in the deceased co-owner's will. Purchase Bob Bruss reports online. Worse. Those new co-owners could force a sale of the condo. It's called a partition lawsuit. Please immediately consult a local estate-planning attorney. I...