Need advice

[rmc15r]

My father passed away recently. So far we are not sure if he has a will or not. Going back about 5-6 years ago My father, Mother (also deceased), and me bought a house. All three of us had our names on the load and deed. The understanding was that the house was mine if they both passed away. All three of us lived here and I took care of my father while he was sick. Would the house have to be part of the estate or would it just go to be? I know at least on sister and one brother, of seven, knew of the agreament between my parents and I. I have been paying 50-75% of the mortgage since the purchase of the house although my father has been the one mailing the check. The reason my mother and father where on the mortgage was to lower the interest rate since I have damaged credit. Thanks for any help.

 

[army judge]

My father passed away recently. So far we are not sure if he has a will or not. Going back about 5-6 years ago My father, Mother (also deceased), and me bought a house. All three of us had our names on the load and deed. The understanding was that the house was mine if they both passed away. All three of us lived here and I took care of my father while he was sick. Would the house have to be part of the estate or would it just go to be? I know at least on sister and one brother, of seven, knew of the agreament between my parents and I. I have been paying 50-75% of the mortgage since the purchase of the house although my father has been the one mailing the check. The reason my mother and father where on the mortgage was to lower the interest rate since I have damaged credit. Thanks for any help.

It doesn't matter if dad had a will or not.
If your name is on the deed, you have a 1/3 interest in the home at a minimum.
You may own it all now, if circumstances are as I'm about to describe below.
When mom passed, dad inherited her 1/3 interest, if she didn't will it to you (or someone else).
So, dad had a 2/3 ownership in the home, you possessed the remaining 1/3.

Now, here's the important part.
How are the names listed on the deed?
There are two possible ways (a few more, but let's work with these two) the property is deeded.

Is the property deeded as tenants in common or as joint tenants?
Is their a difference?

If you're buying property with one or more people, you must choose how to take title. To take property as either joint tenants or tenants in common, no special deed or form is required. You'll just specify in whatever deed is being used that the individuals buying the property take title as "tenants in common" or as "joint tenants with the right of survivorship."

I would think your deed listed all three of you as tenants in common with rights of survivorship. If this is your arrangement, no will is required to transfer the outstanding 2/3 interest held by dad to you. Upon his passing, if you are tenants in common with rights of survivorship, you've just become the proud owner of a home.

Your siblings take nothing, unless of course, a will is out there. Not to worry, because you still retain a 1/3 interest. The other siblings would proportionally split the outstanding 2/3, once held by dad. I don't think this is your case, however.

Holding property as "joint tenants" is a way for two or more people to share ownership of real estate or other property. In almost all states, the joint tenants must own equal interests in the property; for example, if you buy a home with two others, you each own a one-third interest. Upon the death of one joint tenant, the remaining owners gain the deceased owner's interest in the property. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, a will is not required to transfer the property; the property goes directly to the surviving joint tenants without the delay and costs of probate.

Holding property as "tenants in common" is another way that two or more people can own real estate or other property together. Unlike joint tenants, tenants in common can hold property in unequal shares, and each person can leave his or her interest upon death to beneficiaries of his or her choosing. In some states, two unmarried people are presumed to own property as tenants in common unless they've agreed otherwise in writing. I don't think this is your situation.