If my sister, mom andI bought a home together, what kind of legal documents should we have in place in case of the sudden death of anyone of us?

Get Legal Help Today

 Secured with SHA-256 Encryption

If my sister, mom andI bought a home together, what kind of legal documents should we have in place in case of the sudden death of anyone of us?

Asked on January 18, 2012 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. The first thing that you three should have is a written partnership agreement concerning the joint ownership of the property you are writing about as to who pays what and when as well as possible buy outs of one owner by the others.

As to the crux of your question regarding sudeen death of one of you, there should be a life insurance policy on all three of you to pay off any loan on the property and some agreement as to who receives the interest of one owner in the property if one passes away suddenly with a buy out provision.

I recommend that all three of you consult with a real estate attorney as to what your intent is concerning the property as well as any right of first refusal to other owners to purchase it if one wishes to sell or in the event of a sudden passing of an owner.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption