If my mother-in-law hust passed away and she purchased some property with a cosigner, how does the cosigner affect this property?
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If my mother-in-law hust passed away and she purchased some property with a cosigner, how does the cosigner affect this property?
My mother-in-law passed and my wife is the benefaciary of the estate. There are some vehicles that were purchased with a cosigner. We are wondering how this affects the the transfer of title in probate.
Asked on September 25, 2011 under Estate Planning, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. To answer your question, you need to know how registered title is held as to these vehicles.
If the vehicles are held in a joint tenancy with the right of survivorship as to the two, the surviving joint tenant takes registered title to the vehicle as a matter of law. If the vehicles are held as a tenancy in common, then depending if your mother in law has a will, trust or no will, her estate is either probated, passes through a trust administration or through an administration where the vehicles will be an asset of her estate.
The executor, trustee or administrator of her estate may most likely list the vehicles as an asset of your mother-in-law's estate with rspect to the interests she holds as to them. Later, the department of motor vehicles for your state will issue new registration to these vehicles depending upon who ends up receiving them.
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