She was moved to NH after a hospitalization for elevated BP. She was living in a cooperative complex at the time. Three years ago she signed a form with the cooperative that -- "upon my death" her shares in the cooperative would be given to my little brother (who has lived with her for the past five years) and my sister (who lives next door). I was not in agreement with admission to the NH, but The Fat Lady sang. They decided they could no longer take care of our mother. Too stressful.
Since admission to the NH, I petitioned for legal guardianship in probate court, and this was granted.
My question regards: selling her co-op. There are no deeds in a co-op -- only shares. The equity is about $7k. I want to dissolve my moms shares in the co-op. She's never going back there. I could sell the unit myself (not going to do that), or the co-op will sell. Eventually, after the unit is sold, the "shares" will become cash, to be returned to my mother, I would think.
She signed that her shares are to be given to two sibs -- "upon my death". Well, she is not going to die in that unit. My sister pushed for nursing home for two years and got her way. My sister wants to move from her two-story co-op into my mom's single-story unit. A transfer of shares then.
My intention is to honor my moms wish (even though I'm pretty sure she was coerced by my sister). However, my mom will need part of that money before she dies. My sister thinks I am trying to "get that money". I am not. I am my mom's voice now. Michigan Medicaid will come into play soon. I think the money should (will) go into an "irrevocable trust", and whatever is left at the time of her death will go to those two sibs -- "upon my death".
The cooperative has not been 100% forthcoming to me about this, even though I have provided them my letter of guardianship. My sister has lived in this co-op for a longer time than my mom, and they seem to be more honoring her. My sister is hell bent on taking mom's unit. Her biggest problem is, her husband says NO! I'M NOT MOVING!
Mom has only her monthly SS check and the equity/shares in this co-op. Period. SS will be going directly to the NH soon.
I will eventually have to consult an elder lawyer, I know. In the meantime, Does anyone know how a cooperative works in a case like this -- transfer of shares that has a notarized form attached saying "upon my death". I'm looking for information beforehand.