[WSBARP] JTROS Question

[Marcus Fry]

Yes, JTWROS is not a contractual obligation, i.e., that is subject to a breach claim.  It is a status of how property is held and provides for a mechanism of transfer upon death.  Either owner may sever JTWROS by transferring his or her interest.  It destroys the 4 unities of title with the transfer and C would become a TIC with A.

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

NOTICES:
Confidentiality: This e-mail transmission may contain information which is protected by attorney-client, work product and/or other privileges.  If you are not the intended recipient, you are hereby notified that any disclosure, or taking of any action in reliance on the contents, is strictly prohibited.  If you have received this transmission in error, please contact us immediately and return the e-mail to us by choosing Reply (or the corresponding function on your e-mail system) and then deleting the e-mail.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Catherine Clark
Sent: Friday, May 12, 2017 8:58 AM
To: WSBA Real Property Listserv
Subject: [WSBARP] JTROS Question

All:

What say you on this.

A & B buy property and take as JTROS.  The deed says JTROS "and not as tenants in common."  My view is that the title is under JTROS and won't be construed as tenants in common given this language despite the preference for tenancy in common.

B has a terminal disease.  B would like to convey his interest in the property to C.

What do you think happens on B's death, which appears to be imminent.  My view, is at best, C takes a life estate measured by B's life.  I further think that B cannot eliminate the ROS in A by a mere conveyance.  Would not A have to agree?

Sorry to wake you on a Friday with a future interest question.

Thanks for all your thoughts.

Cat

Catherine C. Clark
Law Office of Catherine C. Clark PLLC
2200 Sixth Avenue, Suite 1250
Seattle, WA 98121
Phone:  (206) 838-2528
Direct Dial:  (206) 274-7941
Cell:  (206) 409-8938
Fax: (206) 374-3003
Email:  cat at loccc.com<mailto:cat at loccc.com>

NOTICE: The information contained in this electronic information transmission is confidential. If you are not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any use, dissemination, distribution or copying of this communication is prohibited.  If you received this communication in error, please immediately notify the sender by telephone at (206) 838-2528. Thank you.

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20170512/10bd35d3/attachment.html>