E209 Do Tenants in Common Need Probate?

<p>In a recent case, Liz’s dad had bought a co-op with his girlfriend. Liz’s dad broke up with his girlfriend but continued to co-own the apartment as “<a href= "https://www.investopedia.com/terms/t/tenancy_in_common.asp" target="_blank" rel="noopener">tenants-in-common</a>.” Liz’s dad passed away, so what happens to the co-op now?</p> <h2>What Happens When a Tenant in Common Dies?</h2> <p><img class="aligncenter size-medium wp-image-9661" src= "https://anthonyspark.com/wp-content/uploads/2021/03/What-happens-when-a-tenant-in-common-dies--300x225.jpg" alt="What happens when a tenant in common dies?" width="300" height="225" /></p> <p>Unless there is a specific percentage for the tenants in common, the property divides equally.</p> <p>If they had owned as “joint tenants” instead of “tenants-in-common,” then the girlfriend would become sole owner. But, the co-op shares certificate states “tenants in common." So the girlfriend is a half owner, and Liz’s dad’s estate is now a half owner.</p> <h2>Is Probate Required for Tenants in Common?</h2> <p><img class="aligncenter size-medium wp-image-9662" src= "https://anthonyspark.com/wp-content/uploads/2021/03/Is-probate-required-for-tenants-in-common-300x200.jpg" alt="Is Probate Required for Tenants in Common?" width="300" height="200" /></p> <p>The short answer is yes. Liz and her siblings must probate their dad’s estate to inherit their half share of the co-op. Right now, Liz and her siblings must appoint <a href= "https://anthonyspark.com/e120-whos-in-charge-when-someone-dies/" target="_blank" rel="noopener">an executor who has legal authority to conduct business for the estate</a>. A court-appointed executor has the right to enter the premises, to gain information from the co-op, and eventually to sell the property.</p> <h2><span style="font-weight: 400">Request your free consultation</span></h2>