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Joint Ownership and Inheritance

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  • 12-02-2010, 05:45 AM
    Curdog
    Joint Ownership and Inheritance
    My question involves estate proceedings in the state of: Virginia

    I inherited a Farm with my Father from my grandmother. The will States "Jointly or Share and share alike in fee simple" What does this mean? My fateher refuses to make a will himself and this will cause problems with siblings. I live on the property and have upgraded the house. will this pass to his heirs and or can I buy them out upon his death.
  • 12-02-2010, 06:42 AM
    flyingron
    Re: Joint Ownership
    The property is owned by the two of you. You need to look at the deed that came out of the probate. It most likely just has your two names on it, which is tenancy in common. When one of you dies, the other keeps his half and any will or rules of intestate succession determines how the other half passes. The two of you could deed it to yourselves as joint tenants which means that the other one would receive entire ownership at the death of the others.

    If he dies before you, then when his estate is probated it most likely will be split between the spouse (if any) and the children if there is no will to the contrary. Your "upkeep" won't much enter into it.
  • 12-02-2010, 08:27 AM
    Curdog
    Re: Joint Ownership
    Thanks, Thats what I thought. I wish we could settle it now. I have left all my intrest in the property to my siblings anyway as I have no children. I just know its going to be a issue with them wanting to cut up the property. Can I make the call to sell and buy it at auction?
  • 12-02-2010, 01:46 PM
    flyingron
    Re: Joint Ownership
    Not without the other owner's acquiescence.
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