my brother owns a home, i am his only sister and relative does it automatically pass to me upon his passing

Question

should i get documentation before he passes and how would that impact me in terms of taxes

Elaine Shay · Answer

Your brother may direct the disposition of his property in any manner he decides upon in his Will.  In the event that your brother passes without a Will, if he is a New York resident his property would pass according to applicable law which the following link summarizes:  https://nycourts.gov/courthelp/whensomeonedies/intestacy.shtml

Carl Nelson · Answer

First, it would depend on the current ownership, whether he owns it alone or with someone else. A joint tenant would have rights of survivorship, which means they would take title upon his passing. Barring that, it would depend on whether he had a will upon passing, which would otherwise control the distribution of assets of his estate.

Michael David Siegel · Answer

The answers you got are right.  When you say he "owns" it, are you sure only his name is on the current deed?  If there is no will (which could leave it to anyone), and you are next of kin, you would inherit it.  There is no tax due unless the building is worth millions.  A bequest is not income taxable to you.

Q: my brother owns a home, i am his only sister and relative does it automatically pass to me upon his passing