Legal Question in Wills and Trusts in Ohio
co-owned property
My mother in law is 90 and her condo and savings accounts are in both her name and my wife's. What would be the proper procedure in case of her death.
2 Answers from Attorneys
Re: co-owned property
With respect to the real estate, the filing of an affidavit of survivorship with your county's recorders office. Because they are not married and your wife's ownership of the house could be perceived as a gift, if this is the case, there may be unexpected tax consequences. With respect to the bank account, a tax department release of assets form needs to be presented to the bank. This depends upon the amount in the account(s). There may be similar tax consequences here as well.
Re: co-owned property
More information is needed to answer this question. Is the deed to the condo in their names jointly with rights of survivorship? If so, you simply have to file an affidavit of suvivorship with the county where the land is located. If it is not listed with with rights of survivorship, then the asset must go through probate court to transfer to beneficiaries.
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