If a house is in both parents name does this mean they own 50 percent each
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If a house is in both parents name does this mean they own 50 percent each
My moms will says that her house is to be divided between her two sons equally when her husband dies or if he chooses to sell then divided in equal shares among him and two sons.
Asked on March 9, 2017 under Estate Planning, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If a house is in two person's names, then typically, if one passes away first, the other becomes the 100% owner as the sole survinging "joint tenant." It does not pass through the deceased's estate or probate, and the deceased's will has no effect on it; rather it automatically goes to the survivor on the death of the other. Or if it is sold before either passes away, then each co-owner is entitled to 50% of the proceeds.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If a house is in two person's names, then typically, if one passes away first, the other becomes the 100% owner as the sole survinging "joint tenant." It does not pass through the deceased's estate or probate, and the deceased's will has no effect on it; rather it automatically goes to the survivor on the death of the other. Or if it is sold before either passes away, then each co-owner is entitled to 50% of the proceeds.
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