I have a house in Virginia owned by me and my parents.
It is a joint tenant with rights of survivorship where I own 50% and my parents own 50%.
I want to add my wife's name with a 25% distribution allocation from my parents share with rights of survivorship
to my share only. Basically the distribution will be (50% me, 25% wife, 25% parents).
My parents ownership would fully go to me only if I am still alive. My wife can inherit my share and my parents share if i was
Is it possible to write a new deed or amend existing one to support this?
According to my research, the joint tenants can only give equal distributions to the owners.
With tenants in common the distribution can be defined but there is no rights of survivorship.
Your research is generally correct, you cannot have a Joint Tenancy under the proposed division of interests. In order to have a valid joint tenancy with the right of survivorship, all parties must have equal interest, it must be conveyed through the same title and the same time, and all parties must be able to possess the whole at any time.
This set up will not work. There may be alternative forms of ownership through trusts that would accomplish what you are trying to accomplish, but you must speak with a local Real Estate attorney or Trust and Estates attorney to find out more information. We cannot walk you through your legal problems on this website.
This post is not intended to create an attorney-client relationship, nor should the information contained therein be considered as legal advice. Each case is unique, and posters should seek independent counsel to handle their legal problems. This post is merely intended to be educational in nature. I am not your attorney, nor do I agree to appear in court for you by posting this information.
Your research is right, but you will need to speak to an attorney to help you with this situation. I think a Will or a Trust could get you where you're trying to go.
Mike, it looks as if you want to restructure the ownership of the real estate. That restructure could affect your parents ownership in the property and that, in turn, could have implications for any future assistance they might need for long term care (if it got to that). You need advice from an elder law attorney who is also familiar with how to restructure real estate ownership. The best method probably would be to create a trust and allow that trust to control the survivorship of the interests - but on that I defer to the elder law attorney you consult.
Answers provided are general in nature and usually based on Virginia law. If I answer something posted from another state I'm probably out on a limb. Reliance on any answer posted here is at the sole risk and responsibility of the user, and in no way creates or implies an attorney client relationship with the author, his firm, staff, family or even his dog. And isn't it silly that we have to cover our *(&%$ with disclaimers in case some fool wants to blame me when they screw up? Reading any answer means you agree with the above.
Are your parents still alive? Would they be amenable to redistributing ownership to include your spouse? If you would like an interest in the property with a survivorship provision to be extended to your spouse, and your parents are likewise willing to share ownership with her, a deed can be easily executed to accomplish a transfer like this. Is there an existing mortgage on the property? If so, I would check to see whether a transfer of ownership would affect any existing provisions. Now if you wish to provide for her via your estate and not necessarily by deed, you mentioned "inheritance," then you should consider the what precisely you would like allocated to your spouse, especially taking into consideration what she would get if you predeceased your parents. I would seek the advice of an attorney, one who perhaps has experience in both real estate and estate planning, to assist you with this issue.
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