Wednesday, December 2, 2015
There is a surprisingly common problem that involves dealing with an estate's interest in a cooperative apartment. This column discusses a recent article from The Cooperator that provides a comprehensive overview of issues that can come up when a co-op apartment owner passes away, the article with commentary from real estate attorney Stephen M. Lasser can be read here. One of the first things that people should do when a co-op owner passes away is examine the owner's stock certificate to determine if anyone else has an interest in the property. The stock is a part of the estate and should be distributed like any other estate property. The co-op board can also play a role in making decisions in accordance with the proprietary lease that the deceased owner had entered into with the board.
See David H. Lenok, Co-op Boards Can Haunt an Estate, Wealth Management, November 30, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.