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My husband passed away. I would like to add my daughter's name to the stock certificate. My daughter lives in our apt and if anything happens to me I would like her to be able to keep the apt. I've been told she has to go before the Co-op Board for approval. She has 2 part time jobs and does not work full-time, but has money in the savings account. Is there a way to get her name on the stock certificate? I don't want her thrown out! I've lived her for 53 years! Thank you.
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Hello
Can you put that in a will that your apt goes to your daughter and she would be the executive your your will. Also can you gift it to her beforehand?
You should be able to find the answers to most of your questions in your Proprietary Lease. In the PL for my co-op, paragraph 16(b) states
"16(b) If the Lessee shall die, consent shall not be unreasonably withheld or delayed to an assignment of the lease and shares to a financially responsible member of the Lessee’s family (other than the Lessee’s spouse as to whom no consent is required)."
The key here w/r/t your daughter is the term "unreasonably withheld". Under most circumstances when a person dies, the family member inheriting the co-op is an adult with a sufficient and stable source of income and/or assets. The reason your daughter will probably need to submit a financial package is to make sure she will be able to afford the co-op's maintenance and mortgage payments if there are any. The board wants to avoid the complicated and expensive eviction process if your daughter is chronically delinquent with her maintenance payments.
As PC#1 stated, the best way to make sure there are no succession issues and to get your daughter's name on the stock certificate is an informal conversation with the board president. He'll most likely tell you what could interfere with adding your daughter. If there are any issues, resolving them will make it a quick and simple process.
In a situation like this where the person you want to add is not your spouse (and I am very sorry for your loss) a consult with an attorney who specializes in co-op law will be money well spent.
Beware. If you give ownership now, and not when you pass away, then she will have to pay a possibly large capital gains when she sells. For an individual 250 k is exempt but over and above that = beware.
maybe you can just add her name to the lease now.
find a smart lawyer.
Condolences to you regarding your husband. If she has been living there for years I'm sure the neighbors know her as one person here posted and she most likely would not have an issue staying there. That next to her income and being able to pay the taxes,maintenance fees per month would be the boards only concern. Most co-ops don't want a person who would be a problem to them. I named my daughter as beneficiary on my paperwork with the co-op, but ever co-op works differently with that scenario. You may look into that and see if its doable? Best of luck!
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Sorry that your husband passed away what you want to do is not uncommon.
If you know the President of the board ask what you're Coop or Condo requires, I can tell you what my Coop does but each one has different procedures.
You can also check your By-Laws to see if they have what you need to know and what to do.
Your daughter might not have to appear before the board, they most likely all know her.
Since it's Sunday you can call your managing agent they may have a copy of the application or it maybe on their website.
Best of luck
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