The parents die and the three children want to purchase the home with the stipulation that the last child to survive will have 1

Question

saveliy_v [14]

4 years ago

11

The parents die and the three children want to purchase the home with the stipulation that the last child to survive will have 1

00% ownership of the house. How should they take title to facilitate this?

Law

1 answer:

beks73 [17] · Answer 1 · 2022-01-29T18:24:47+03:00

Answer and explanation:

In order to facilitate this legal process, and considering the situation presented, the best option would be a <u>joint tenancy</u>. <u>Joint tenancy</u> is a legal proccedure that indicates that when there is more than one owner of a property, all of them have equal rights on said place. In this case joint tenancy claims survivorship rights so that the remaining child will increase their percentage ownership.