My mom owns a co op.......in her will she has stated that the co op be left to both me and my sister. Mom is getting on in age and my sister wants to live with her. According to the board her name has to be on the certificate of shares. If my mom adds her to the certificate does she by law now become an owner of the co op. Can she be added without being an owner of any shares? If added will this now take away my 50% ownership if my mom should pass away. Does she get the co op? How can we resolve this problem.
2 Answers from Attorneys
By adding her name, she becomes an owner. Ask to see the Coop. Documents that prevent her from living there with your mother.
I agree with David. Seeing the documents also allows you to learn what happens when an owner dies. Perhaps your name can be added also. Be careful of how any names are added as this could impact inheritance rights. I suggest having an attorney familar with coops review their documents to see your rights are protected.
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