Right of survivorship to tenant in common

[steffb503]

What is the name of your state (only U.S. law)? NY
What is involved to go from JTWROS to Tenant in common?
I own property with my sister. It was purchased prior to me being married. We set it up this way for ease of transfer if one of us died. I am now married and would like my share to be passed on to my husband. Does my sister need to approve and sign?

 

[justalayman]

Your title is in contrast to your question.


If it is a JTWROS, then upon the death of one of the tenants, the other gains complete title to the item. In tenants in common, the share owned by the decedent is dealt with as a asset of their estate. It would go to whomever their will or the laws of intestate succession direct.


For your share to go to your husband, you would need to sever the joint tenancy and covert it to a tenants in common ownership. Then you could direct the share however you choose.

as to how to do it:

hire a lawyer.


many states (and I apologize for not researching your state specifically) you can simple transfer your share as a joint tenant to your self as a tenant in common. That breaks the JT and converts the relationship with the other joint tenant into a TIC. I believe some states still require you to transfer your share to a third party who can then transfer it back to you. The third party is called a "straw man" (you can Google that for more understanding of the term).

Either way it is a simply matter of creating a deed or two and transferring your share of the property.