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Giving house to one child.
Comments
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The mother and father live in their house with their son (age 45) and wife (who have 2 children). The other two siblings (age 40 and 43) have left home and have their own properties and families.
The son who live with his parents wants to help his parents in their old age (they are 71 and 65), but does not want to live in the house for 20 years looking after his parents and then be told after, say 20 years (when he himself will be 65) that his brother and sister want their inheritance and he should sell the house and move.
So the other two children are happy for their brother and sister-in-law to care for their parents 24/7 until their death and still want an equal inheritance? Nice people!1 -
Would the house-sibling be able to give his house (eg to his wife or his own children) rather than sell it and thus never pay anything to his siblings?
What if house-sibling gets the house and dies - his own children/wife then may have to cope with selling the house on top of grieving for him.:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0 -
I don't suppose this is a Council property is it?Thrifty Till 50 Then Spend Till the End
You can please some of the people some of the time, all of the people some of the time, some of the people all of the time but you can never please all of the people all of the time0 -
Thanks everyone, indeed it is a bit of a difficult situation with no right or wrong answer.
No it is not a council property. Yes the 'outside' siblings expect a full share. They are even reluctant for the son that lives in the house to buy an extra share in the house (with his own money) as that will mean the other two will get a reduced share.
Yes, it is really up to the parents, and they should be allowed to distribute their inheritance how they wish.0 -
Does he live rent free in the parents house?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
One solution allthough the other siblings may not see it that way(and mortgage may be an issue)
Sell the house at full market value(optional life interest to top getting kicked out)
Parent(s) now don't own a house for kids to inherit, have somehwere to live and a healthy bank account to fritter away on a good time so there is nothing left for the kids.0 -
getmore4less wrote: »One solution allthough the other siblings may not see it that way(and mortgage may be an issue)
Sell the house at full market value(optional life interest to top getting kicked out)
Parent(s) now don't own a house for kids to inherit, have somehwere to live and a healthy bank account to fritter away on a good time so there is nothing left for the kids.
Doesn't sound like what the kids are focusing on.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm thinking it would be classified as deprivation of assets if it's given over or possibly sold at a huge discount rather than market priceEx forum ambassador
Long term forum member0
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