Can I Leave My Co-op to My Heirs?
Abstract
Parents can leave a co-op apartment to their children in their will or in a trust. But that doesnโt mean their heirs will necessarily end up with the right to own or live in that apartment. The board denied our request to transfer the property to an irrevocable trust, so that when we die he will still have a place to live. Now we are in a quandary. If they deny it, the apartment gets sold and the children get the equity. In some cases, the property gets sold. The apartment is sold. If a board won't unreasonably withhold consent, the condo gets sold, the family get the money.
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