What is the name of your state (only U.S. law)? New York
I am asking this question on behalf of my wife and her brother. They each contributed around 20% - 25% to the purchase of their mother and step-father's house, by paying the mortgage payments, however they generally made cash payments to their mother so there is no record. The house is now clear of encumberances, but I do not know if the title is WROS or just tenants in common. I do know that it includes only the names of my wife's mother and step-father. The house is the only property of any real value held by the couple and it has appreciated tremendously (even with the recent downturn). At the time of the purchase, the step-father was estranged from his only son and it was everyone's belief that the house would decend entirely upon my wife and her brother. Subsequently the step-father and step-brother have reconciled and now there is concern the step-father may will his entire share to his natural son. My wife and her brother are further concerned that he may survive their mother, thus being able to claim full ownership over the house.
So my questions are:
1. If their mother executes a will naming them as sole beneficiaries does that impact a WROS title?
2. If the title is in common, and their mother executes such a will, what share will they be left with assuming the step-father survives their mother?
3. If their step-father will agree to it, will they end up with full ownership if they were to transfer the title to all (four) of their names WROS?
I am asking this question on behalf of my wife and her brother. They each contributed around 20% - 25% to the purchase of their mother and step-father's house, by paying the mortgage payments, however they generally made cash payments to their mother so there is no record. The house is now clear of encumberances, but I do not know if the title is WROS or just tenants in common. I do know that it includes only the names of my wife's mother and step-father. The house is the only property of any real value held by the couple and it has appreciated tremendously (even with the recent downturn). At the time of the purchase, the step-father was estranged from his only son and it was everyone's belief that the house would decend entirely upon my wife and her brother. Subsequently the step-father and step-brother have reconciled and now there is concern the step-father may will his entire share to his natural son. My wife and her brother are further concerned that he may survive their mother, thus being able to claim full ownership over the house.
So my questions are:
1. If their mother executes a will naming them as sole beneficiaries does that impact a WROS title?
2. If the title is in common, and their mother executes such a will, what share will they be left with assuming the step-father survives their mother?
3. If their step-father will agree to it, will they end up with full ownership if they were to transfer the title to all (four) of their names WROS?