joint tenancy upon death with multiple owners

[bucky22]

What is the name of your state (only U.S. law)?
My husband and I owned property with my sister and her husband in Wisconsin. The property was titled my husband and myself as to an undivided 1/2 interest and my sister and her husband as to an undivided 1/2 interest. My husband has since died and was wondering what options I have as to protecting my interest in the property for my son. Can I add his name to the deed as a joint tenant?

 

[nextwife]

What is the name of your state (only U.S. law)?
My husband and I owned property with my sister and her husband in Wisconsin. The property was titled my husband and myself as to an undivided 1/2 interest and my sister and her husband as to an undivided 1/2 interest. My husband has since died and was wondering what options I have as to protecting my interest in the property for my son. Can I add his name to the deed as a joint tenant?

Please clarify:

Each couple held title as joint tenant between themselves, but how was ownership between each couple stated on the deed?

 

[tranquility]

To have a joint tenancy, you must have what is known as the unities at the creation of the interest. You cannot add a person as a joint tenant to the whole, but can arguably have one on your interest depending on state court holdings.

But, your 1/2 is your 1/2. Will it to son or put it in a lifetime trust if you want him to get it.

 

[bucky22]

Please clarify:

Each couple held title as joint tenant between themselves, but how was ownership between each couple stated on the deed?

That is all the title says--my name and my husband as to an undivided 1/2 interest and my sister and her husband as to an undivided 1/2 interest. That is why I am not sure if this is a joint tenancy between all 4 of us and the last man standing owns it all or do I still own 1/2 and they own the other 1/2? Either way, what is the best way to be able to have my son and their son inherit the property? I've read something about forming an LLC? Is this appropriate or is there something better in Wisconsin to avoid probate?

 

[JustAPal00]

You own half and they own half. If you die, then your estate owns half.

 

[FlyingRon]

It sounds like one couple jointly in common with another couple jointly.

You should really reconsider deeding your ownership away without fully understanding the implications. Adding someone to a deed is not some sort of membership, it gives them some fraction of ownership in the property. Your son still has to worry about the 25% you reserved over the 25% you gave him outright.

 

[HomeGuru]

You own half and they own half. If you die, then your estate owns half.

**A: not true. Joint tenancy here.

 

[JustAPal00]

**A: not true. Joint tenancy here.

Her joint has passed and I assume whe is the heir to his estate.