DEAR BENNY: My parents (now in their 80s) own a fourplex with my brother and his wife as joint tenants with right of survivorship. They agreed to a 50/50 partnership at the beginning. Both couples agree that if they died their respective 50 percent share would go to their respective estate and not to the remaining partners.
Question 1: Shouldn’t they have the title redrawn as tenants in common to do what they initially intended?
Question 2: If my brother and his wife refuse to go along with changing the title to the property to tenants in common (which they may not want to do), can my parents proceed to change it without their partners’ consent?
My brother and his wife have 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. –Meg