Elderly couple urged to rethink real estate title

If title isn't fixed, offspring see inheritance trouble

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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? If my brother and his wife refuse to go along with changing the title to the property to tenants in common, can my parents proceed to change it without their partners' consent? My brother has made it very clear that they want their 50 percent share to go to their kids in the case of their death, but they may be banking on acquiring 100 percent of property upon my parents' death (because of their advanced age) if title stays the way it is. A: What ever...