Title Ownership
here is the situation the title reads owner# 1 and owner #2. Owner #1 put down all money and owns everything, owner 2 is just another name(family memmber) so no one can take property. Now owner #1 dies. My questions is who has ownership? Can other family members claim or represent on behalf of deceased. On will of deceased it states all personal property should be distributed equally among the family members. Situation occuring now is that owner #2 claims to be owner and is planning to sell and refuses to share any of the profits with other family members.
What do you guys think....How does it work???
Thanks
the answer is, it depends. It depends on how Owner #1 and Owner #2 took title.
I assume that they own the property outright. That is, they took fee simple title and not some lesser estate. If so, the next question is whether they took title as joint tenants with right of survivorship (JTRS) or as tenants in common (TC). If they took as JTRS, title would pass to the surviving tenant (unless there was a conveyance prior to the decedent tenant's death). If they took as TC the decedent tenant's interest would pass according to either his will (assuming he/she had one) or pursuant to the intestacy statute (no will) where he/she resides. Determine which one of these applies and you'll have your answer.
J