Deed with Joint Survivorship

[mbc841]

What is the name of your state (only U.S. law)? Virginia

My father and I live together in a house on HIS property. We built the house in 2009 - and had my name added to the deed so I could get a mortgage to build the house. We have joint tenancey with survivorship. The mortgage is solely in my name. I not only make all of the mortage payments, I pay all the utilities, and I also am gradually doing things to add value to the property - landscaping, building out the basement, etc.

My brother is insisting that when dad dies, I sell the property and split net proceeds equally. He views the property as his inheritance. I plan to do just that, but only AFTER I get out the money I've already put into the property. In other words, I believe I should get a bigger piece of the pie when the house sells. He TOTALLY disagrees and is making a big stink. Does the Joint Tenancy With Survivorship protect me? If dad makes a will now specifying differently than what I want, and then he dies, does his will take precedance? Or do I still have total ownership of the property with the right to do as I please?

Thanks!!

Mike.

 

[Ohiogal]

What is the name of your state (only U.S. law)? Virginia

My father and I live together in a house on HIS property. We built the house in 2009 - and had my name added to the deed so I could get a mortgage to build the house. We have joint tenancey with survivorship. The mortgage is solely in my name. I not only make all of the mortage payments, I pay all the utilities, and I also am gradually doing things to add value to the property - landscaping, building out the basement, etc.

My brother is insisting that when dad dies, I sell the property and split net proceeds equally. He views the property as his inheritance. I plan to do just that, but only AFTER I get out the money I've already put into the property. In other words, I believe I should get a bigger piece of the pie when the house sells. He TOTALLY disagrees and is making a big stink. Does the Joint Tenancy With Survivorship protect me? If dad makes a will now specifying differently than what I want, and then he dies, does his will take precedance? Or do I still have total ownership of the property with the right to do as I please?

Thanks!!

Mike.

The deeded property will pass to you outside of testate.

 

[justalayman]

BUT (and this is a HUGE but):

what does dad say about the matter? In it's current state, you will assume total ownership upon your co-tenants demise BUT the joint tenancy can be converted to a tenants in common quite easily. If dad so desires, he can convert the joint tenancy to a TIC and in doing do would cause your fathers share to be subject to a will or probate per intestate succession upon his demise.

 

[mbc841]

BUT (and this is a HUGE but):

what does dad say about the matter? In it's current state, you will assume total ownership upon your co-tenants demise BUT the joint tenancy can be converted to a tenants in common quite easily. If dad so desires, he can convert the joint tenancy to a TIC and in doing do would cause your fathers share to be subject to a will or probate per intestate succession upon his demise.

Thanks!!! Actually - dad is totally on my side here - he wants things to stay as they are. He would never dream of changing the deed in any way.

 

[justalayman]

Thanks!!! Actually - dad is totally on my side here - he wants things to stay as they are. He would never dream of changing the deed in any way.

then it is what it is. When dad passes, you assume total ownership of the property. There is no requirement you share any of the value with brother...PERIOD. If you do, it is a gift from you (pay attention to any tax issues it might invoke should you gift him a large sum of money)

 

[mbc841]

Update

then it is what it is. When dad passes, you assume total ownership of the property. There is no requirement you share any of the value with brother...PERIOD. If you do, it is a gift from you (pay attention to any tax issues it might invoke should you gift him a large sum of money)

My dad ended up passing away in Sept of 2014 (a year ago). The day of the funeral my brother and sister started a big argument about the house - and that I need to sell and split the proceeds equally. (this DESPITE almost a year earlier my dad doing a written document that said when he passes, I will continue to live in the house until I decide to sell - at which point, I will get out all the money I put into the house, and what was left over would be split 40 percent for me and 30 percent each for them.) My brother and sister INSISTED that I split EQUALLY. I had to get a lawyer, and they in turn got their own lawyer. I had my lawyer do up a document that said when I decide to sell, I will give them 30 percent a piece, and I will take 40, and the document does NOT specify that I take out the money I put into it myself. I am giving that up to try to make peace with them).

A year later, they still insist that I am taking advantage of them - that I am robbing them of their inheritance. My brother won't speak to me. This is a BIG mess. But - the law is on my side - my lawyer said the Deed with Joint Tenancy with Survivorship protects me - and that I don't owe a dime to my brother and sister, and that I'm being OVERLY generous by offering to give them 30 percent each of the proceeds of the sale.

 

[Zigner]

But - the law is on my side - my lawyer said the Deed with Joint Tenancy with Survivorship protects me - and that I don't owe a dime to my brother and sister, and that I'm being OVERLY generous by offering to give them 30 percent each of the proceeds of the sale.

I agree with your attorney. You are under NO legal obligation to give any portion of the house (or the proceeds from the sale thereof) to your siblings. The house is yours. Period.

 

[latigo]

The deeded property will pass to you outside of testate (?).

That is a odd grammatical expression. An oddity inasmuch as the English word "testate" is an "adjective" which have no independent meaning. And have significance only when used to modify a noun to describe quality.

Furthermore, title would pass to the survivor immediately upon death of the other joint tenant, whether the latter died (noun) "testate" or "intestate" (adjectives) and independently of probate administration.

 

[anteater]

That is a odd grammatical expression. An oddity inasmuch as the English word "testate" is an "adjective" which have no independent meaning. And have significance only when used to modify a noun to describe quality.

Furthermore, title would pass to the survivor immediately upon death of the other joint tenant, whether the latter died (noun) "testate" or "intestate" (adjectives) and independently of probate administration.

Thank you, Professor Lats!

 

[Zigner]

That is a odd grammatical expression. An oddity inasmuch as the English word "testate" is an "adjective" which have no independent meaning. And have significance only when used to modify a noun to describe quality.

One should be careful when throwing the grammatical stones. Testate is also a noun.

 

[justalayman]

One should be careful when throwing the grammatical stones. Testate is also a noun.

tes·tate
ˈtestāt/
adjective
1.
having made a valid will before one dies.
noun
1.
a person who has died leaving a will.

while it appears it is in fact considered a noun, I suggest it is an uncommon use. One who has died leaving a will is often called the testator, not to be confused with the first potato taken out of the over to check for doneness which would be a test tator.

 

[Zigner]

while it appears it is in fact considered a noun, I suggest it is an uncommon use. One who has died leaving a will is often called the testator, not to be confused with the first potato taken out of the over to check for doneness which would be a test tator.

Fair enough -but a noun nonetheless