Laws on joint house owners who r not married?

Question

My brother & my mother r joint owners of their house with both names appearing on the deeds. My mother is now living in a care home. My mother's will states that, on her death all her assets r 2b split equally between between my brother & myself. My brother wants 2 sell the house & my mother has agreed. What happens 2 my mothers half of the money? Does it automatically go 2 my brother as he is joint owner of the house? Does it get paid directly 2 her and therefore is part her assets? Is it kept in trust until her death when her last will & testament can b executed? We r both powers of attorney. Thanks Jan

Answer 1

Your mother will get her 50% of the sale.  But will the government or nursing home take that money as payment for her care?  You should talk to a lawyer before selling the house.  I know my mom is selling her property to my brother.  There are two properties.  Because she doesn't live on the one property, when it changes hands she has to declare the market value ( which is not what my brother is paying for it ) as an income and her old age pension will be adjusted accordingly.  They are trying to find a way out of it now.  Look into that before you sell.

Answer 2

In NY i think that if both owners are living at the time of the sale, the money will be split into two.  both owners will get a tax form to claim the income on  their taxes.   I do not know what happens upon the death of one of the owners?????...

Answer 3

When the home is sold, the proceeds will be split between your brother and mother at closing. Two checks will be issued. your mother's funds are hers. If she is incapable of managing her affairs, you and your brother will be responsible for making sure the funds are used for her care.

upon her death the funds become part of her estate.

Answer 4

if the house is sold before she passes away, half of the money belongs to her. Money is also considered an asset and therefore half of that money will go to your brother and the other half to you.

If the house is sold after her death, your brother gets all the money since he is now the only owner. However, you now own 1/4 of the house since you inherit it from your mother and you must now sign the closure of the property aswell.

However, make sure the necessary steps are taken when your mother goes on to the next life.

Answer 5

You need to get a lawyer and hash all this out.

Answer 6

If the property is sold before your mother's death, the proceeds will be split half and half between your brother and your mother. That means that the proceeds of sale go into your mother's estate.

Should your mother die before the sale takes place, then your brother will own the house outright, but your mother's share of the house will form part of her estate, and therefore there will be a tax bill to be borne by the estate for the value of this property.  You don't say how your mother and brother come to be joint owners, and if your father was formerly a joint tenant with them, then your mother's estate will also have to pay tax on the share of his ownership which passed to her on his death.

You should take advice on this, particularly with your mother going into a care home. It may be her wish for your brother to have the entire proceeds of sale, whereas there is a possibility, in the light of her going into care, that a charge might be registered against the house to cover the costs of her care, with the result that the proceeds of sale may be greatly diminished. There is too much at stake here not to take proper legal advice.

Answer 7

At this point, the money goes where they decide it goes. Usually each gets 1/2 proceedes from the sale unless they make some other agreement. Her will has nothing to do with it; she's not dead. If there are any funds left over AFTER she dies, you and your brother will split as per the original will states.

Answer 8

It depends on how the Deed is specifically titled.

If it is title as  joint tenants with the right of survivorship it would mean that if your mother passed the away the property would go directly to your brother.

If the Deed was titled specifically stating your brother and your mother each owned 50% of the property then when your mother passed away 50% of the property would go to her Estate and then would be distributed pursuant to her Will.

If he sold the house now the proceeds from the Sale should be given to them both. If a check for the proceeds is written it would be made payable to your mother and brother unless they directed it to be made into separate checks. She could put her money into an account or trust.