Hi Johnny ~
I can understand your wife's desire to protect her parents' property,
and the idea that adding her name to their deed would be the simple
solution.
Please remember, Google Answers Researchers do not give legal advice -
and the answers you get here are no substitute for consulting with an
attorney who specializes in real estate and estate planning law. An
ounce of prevention now by consulting an attorney may save you tons of
headaches later.
While I am not an attorney licensed to practice law, I can give you
some information that is readily available.
You can't really "add" your wife's name to an existing deed; however,
her parents can convey ownership by deed to themselves and your wife
(three owners in that case) - as joint tenants or as tenants in
common.
The simple layman's explanation is below:
1.) Tenants in common -
How two or more people (co-tenants) take title to property who intend
their share in the property to be separate from the others on death.
On the death of the tenant in common the deceased person's ownership
in the property is left to his or her heirs or as specified by Will.
2.) Joint Tenants With Right of Survivorship -
How two or more persons take title to property when the parties want
the entire ownership to go to the survivor(s) instead of the heirs of
the survivor. On the death of a joint tenant with rights of
survivorship, the entire interest of the deceased co-tenant goes to
the surviving co-tenants.
[See: Law.com Dictionary - http://dictionary.law.com/]
"tenancy in common n. title to property (usually real property, but it
can apply to personal property) held by two or more persons, in which
each has an "undivided interest" in the property and all have an equal
right to use the property, even if the percentage of interests are not
equal or the living spaces are different sizes. Unlike "joint
tenancy," there is no "right of survivorship" if one of the tenants in
common
dies, and each interest may be separately sold, mortgaged or willed to
another. Thus, unlike a joint tenancy interest, which passes
automatically to the survivor, upon the death of a tenant in common
there must be a probate (court supervised administration) of the
estate of the deceased to transfer the interest (ownership) in the
tenancy in common."
"joint tenancy n. a crucial relationship in the ownership of real
property, which provides that each party owns an undivided interest in
the entire parcel, with [each] having the right to use all of it and
the right of survivorship, which means that upon the death of one
joint tenant,
the other has title to it all. Procedurally, on the death of one joint
tenant, title in the survivor is completed by recording an "affidavit
of death of joint tenant," describing the property and the deceased
tenant, with a death certificate attached, all of which is sworn to by
the surviving joint tenants[s]."
** PLEASE NOTE **
On the surface, it may seem that merely adding your wife's name as a
tenant (owner) by deed is a simple solution, doing so can have
far-flung legal ramifications not only for her parents' plans for the
property, say by will or estate planning, but for you and your wife
and your family as well.
Indeed, Carol Masden Simpson, in her article, "Joint Tenancy", states,
"The fact that joint tenancy is widely used does not mean that
everyone fully understands what it is and when it should be used ..."
"The main characteristic of joint tenancy is that surviving joint
tenant(s) takes the property (whether the property is real estate, a
bank account, a stock, a bond or mutual fund account) upon the death
of the other joint owner(s) regardless of what a Will or other estate
plans of the deceased person may provide. It bars descendants, heirs
or beneficiaries other than the other surviving joint tenants from
receiving any interest in the property."
In addition she states, "The creation of a joint tenancy has important
legal consequences. Estate, gift and income taxes may be effected as
well as the distributions that are specified in your Will."
"Joint tenancy may have other consequences. For example, if property
of any kind is put into a joint tenancy with a relative who receives
public assistance or other benefits such as social security
disability, the relative''s entitlement to these benefits may be
jeopardized. Further, the creditors of the joint tenant may seek to
collect a debt from the property or from the proceeds resulting from a
forced judicial sale."
[See: "Joint Tenancy", by Carol Masden Simpson,
- http://hatterysimpsonwest.lawoffice.com/tenancy.htm ]
As I stated above, a visit with an attorney now can save a lot of
problems later, and he or she should be able to help you achieve what
you want in the best way for all concerned.
Search terms used -
- New York deeds
- New York conveyances
- tenancy
I hope this helps, and good luck with helping her parents.
Serenata |