What Happens When a House That Is Split Multiple Ways Is Rented, Passed or Sold at Death? | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






What Happens When a House That Is Split Multiple Ways Is Rented, Passed or Sold at Death?

September 16, 2020

Filed under: Estate Planning — Laura Pennington @ 12:42 pm

If you have a loved one who is elderly and owns a house that no longer has a mortgage on it, it is important to look carefully at the deed to determine who has the rights to this home.

If, for example, an elderly loved one took money to pay taxes on the home from somebody else and added those parties to the deed, the proceeds should be divided equally among the parties who contributed towards the taxes as well as the homeowner. A key question is whether or not the people who have been added to the deed are tenants in common or own the property as joint tenants.

Upon the loved one’s death, the deceased individual’s interest will automatically disappear if the property was owned as joint tenants. If it was owned as tenants in common, the one-third interest for the primary owner will pass to the estate and will be distributed according to the will.

Real estate is one of the most challenging kinds of assets to move through probate. It’s imperative that you discuss your options directly with an attorney who is familiar with how to include these in your estate plan so that you know your next steps.

There are many complex issues involved in determining whether or not someone has an interest and a proper plan for what happens to their real estate property after they pass away. Schedule a consultation with a trusted estate planning lawyer to learn more. Our NJ estate planning law office can help with your real estate planning for probate and beyond.

 

Leave a Reply

Your email address will not be published. Required fields are marked *