QUESTION
My Mother has 5 children. She split ownership of her house into 3rds. How can we all be assured that the sale will be shared equally to all 5 kids.
Asked on May 20th, 2014 on Estate Planning - New Jersey
More details to this question:
My Mother is 1/3 owner. My younger Sister is 1/3 owner and my oldest Sister is the final 1/3 owner. The other children are concerned that the 2 sibling owners will not share equally when the house is sold. My Mother has cancer and is quite upset and concerned about this issue...
1 ANSWER
2 Awards
If the house in in joint tenants with right of survivorship, and your mother dies, the house will go to the two sisters, and there is nothing you can do to make sure that the other siblings receive a share of the house. If the house is owned as tenants in common, all of the siblings will inherit mom's 1/3 shar eof the house, but again, there is nothing you can do to make them give you any portion of the proceeds.
Answered on May 23rd, 2014 at 3:46 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship