what happens if one of the joint owners dies?

[BlueSkyNick]

if two people, assume husband and wife, jointly own all 64 shares, and one of them dies, the other then legally owes all the shares.

if two people own 32 shares each, and one of them dies, his/her shares go into his estate and not to the other shareholder (unless the will says so)

So if somebody agrees to buy a boat, pays 10% deposit etc, and one half of a married couple passes away before completion of the deal, the new buyer shouldnt have to worry about it - the sale should still proceed without the shares going into probate.

Is this correct?

 

[Guest]

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So if somebody agrees to buy a boat... and one half of a married couple passes away before completion of the deal, the new buyer shouldnt have to worry about it - the sale should still proceed without the shares going into probate.

Is this correct?

[/ QUOTE ]
Best speak to a solicitor about it. I don't think it's correct though. The boat may be owned as joint tenants ie. undivided ownership of all the shares, or tenancy in common ie each owner owns a number of shares in the boat. It's difficult for an outsider to know which of these is the case because there may be a behind-the-scenes agreement to divide the property. It doesn't even have to be written agreement - just saying, "OK, it's 60% mine and 40% yours" can be enough to divide out the ownership.

Also, though if the spouse dies intestate it's true that the other spouse will inherit, for all you know one spouse may have made a will giving their share in the boat to someone else, eg. to their children, or to their lover.

I'm not an expert, but I think the above is roughly right, but as I said, ask a solicitor.

 

[Birdseye]

I dont know whether the joint tenants / tennant in common bit applies to property other than land / houses, and in any case the rules may well be totally different if you live in that uncivilised bit north of the border.

However, a deposit is part payment in advance and so I would expect it meant that the deceased estate now owned 10% of 32 shares assuming the deceased coughed up half the deposit and that the purchase goes through. If the deposit were to be returned, the estate would get half of it, wouldnt it?

But there must be a load of legal complexity here. For example, how can the deceased now complete the contract he has entered into? There will be legal rules. I'm not a lawyer - put your hand in your pocket and talk to one! /forums/images/graemlins/grin.gif

 

[BlueSkyNick]

Change of subject - Anybody know a good marine solicitor ?

thanks for the comments chaps - was thinking about asking a brief anyway.

suitable candidates appreciated by PM.

 

[Guest]

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I dont know whether the joint tenants / tennant in common bit applies to property other than land / houses

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Yes, it does apply to other kinds of property.

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and in any case the rules may well be totally different if you live in that uncivilised bit north of the border.

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Yes, they will be totally different!

 

[pandos]

You might be doing yourself a favour if you sent back the deposit and look for another buyer.

Tony

 

[William_H]

I read thae case as being one of the selling share holders dies.
Now your problem will be to get a bit of paper from all share holders saying it is yours when you pay full price.
Now in the case of land here in Oz a document is signed by owners att the time of accepting the deposit whichh is binding on the sellers to sell at that price and the deal is simply ratified by full payment. Called an offer and acceptance form which becomes the sales document.
However you proably don't have much documentation from the seller perhaps just a receipt from one of the sellers.
I would suggest you go back to the still living seller and explain that you want your deposit back pending resolution of the estate of the deceased seller. You may be able to complete the sail if you can get the executor of the deceased's estate to provide the other half of the seller's documentation then only after having probate granted. (granting of probate here is a legal step of formally identifying the will as the applicable will and the executor as the legal person to enact the will)
Your worst case will be if if you don't end up with enough proof of ownership after paying for it and or the executor claims the half boat back again. (PS this only from my meagre understanding of West Australian estate law) good luck olewill

 

[Guest]

The deceased's estate will be bound by the contract that the deceased entered - in effect you're a creditor of the estate. The issue is the possible delay that may occur while an administrator is appointed to administer the deceased's estate and read all the papers to understand what's going on. Make sure that the administrator is aware of the contractual obligation.

The contract and probate etc. will work in a very similar way in OZ and NZ - the legal systems are very similar. Scotland will be more different, but the ultimate result will be similar.

 

[ean_p]

dont know if its correct but I've always understood that a part 1 registered vessel goes to the remaining part owners on the registration document and not the deceased estate. any other kind of ownership is treated just like any other form of property etc.