Let’s say you purchase a co-op and want to add your adult child onto the stock certificate as joint tenant with right of survivorship. The goal being that he or she would inherit the co-op at the time of your death without having to go through a probate proceeding to effectuate the transfer of stock. The Board will most likely not allow you to add the name. They have the right to limit the owners of the shares to those who are residing in the unit. So instead you decide to leave the co-op to your child in your will. This is fine to do. However, the transfer of the shares to an heir is subject to board approval. Most proprietary leases provide that the consent of the board shall not be unreasonably withheld. So if the child is financially responsible individual who intends on living there, the board should issue its consent. If the heir is not an immediate family member, the standard approval process would apply and the board would have the right to withhold its consent to the transfer.
The Law Office of William J. Reinhardt, Jr. has been providing guidance to co-op owners and their families for over 25 years on matters like these. Call 718-377-8880 or e-mail [email protected] for a free consultation to discuss your co-op stock and the best way to guarantee the proper transfer to your family.
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