Advice on inheritance offer

troubleinparadise

Which given that OP has said the whole loan situation hangs on it being repaid from inheriting a share of her mother's house, and BIL says MIL must amend her will accordingly (why? and at whose cost?) and yet MIL says none of this has anything to do with her and plans to transfer the ownership of her house to her daughters so won't have a house to leave in her amended will.... means it all sounds very odd.

Lunar_Eclipse

I would transfer the money back immediately.

The loan is not without attachments as you were originally led to believe.

They are not being as generous as they possibly believe they are, things could go horribly wrong and become extremely complicated/stressful: certainly not worth it for £25k that you're not desperate for.

Homeownertobe

Pollycat wrote: »

Yes, thankfully I live in a world where I would do (and have done) loaned my sibling money at no profit to me or my husband.

That includes a loan taken out on their behalf.
We pay the loan to the bank each month, they pay us.
We were in a position to avail ourselves of a very good interest rate, my sibling would have paid much more in interest.
It also includes a separate loan interest free.
We are very much aware of the potential pitfalls of these arrangements and loaned the money understanding the worst case scenario.

The total amount is just slightly less than the amount the OP is talking about.
And we are not millionaires, let alone multi millionaires - far from it.
My sibling had no idea of entitlement to our money.
We offered to help.

Yes, on reflection I'm so glad I live in my 'peculiar' world instead of the one you appear to inhabit.

The OP's brother-in-law isn't making a profit either. He just doesn't want to make a loss.

I struggle to see why you have an issue with this.

duchy

I don't think the motives matter I think it is about considering if this "loan" is worth the trouble by going back to BIL and asking him how he sees it working out in some of the scenarios listed eg divorce , the OP pre-deceasing her mother, mother changing her will again etc etc .

Once you have those answers you can consider if it is a viable proposition or not and if it is engage your own solicitor to draw up the agreement or to check the agreement if BIL is coming up with the paperwork.

It wasn't the deal you thought it was - so look at this as an entirely new proposition.

I don't really understand what your sister's absence has to do with anything.......there are few places in the world without phone, skype, email etc .

gettingtheresometime

troubleinparadise wrote: »

Which given that OP has said the whole loan situation hangs on it being repaid from inheriting a share of her mother's house, and BIL says MIL must amend her will accordingly (why? and at whose cost?) and yet MIL says none of this has anything to do with her and plans to transfer the ownership of her house to her daughters so won't have a house to leave in her amended will.... means it all sounds very odd.

Unless the BIL means the house is transferred in a different %age now?

Gavin83

rollerball wrote: »

Thanks so much for these replies, its really good to know that I am getting really considered and honest advice here.

To clarify a point that's come up a few times - my mother plans to put her property in both mine and my sisters name and is currently starting that process. She's reluctant to comment on this matter, saying it's nothing to do with her.

You still haven't answered the most important question on here. What happens if there is no money in your mothers estate when she dies? Transferring the property into your names doesn't guarantee this.

cbrown372

rollerball wrote: »

Thanks so much for these replies, its really good to know that I am getting really considered and honest advice here.

To clarify a point that's come up a few times - my mother plans to put her property in both mine and my sisters name and is currently starting that process. She's reluctant to comment on this matter, saying it's nothing to do with her.

I'm not surprised your mother is reluctant to comment considering to get an inheritance from her she will be dead, if it were me I'd be changing my will to leave it to the cat and dog home

rollerball

Apologies for being quiet, I've been away the last few days. I've found the advice on here invaluable and ultimately I'm going to go with my gut feeling on this. This wasn't the offer I was led to believe, the goalposts have changed and it's no longer something I want a part in. I'm going to return the money (which still remains completely untouched) on this basis. The jobs to the house aren't completely essential and are things I will get done in time under my own steam. If it feels like a problem now, it'll sure as hell be a problem still a few months/years/decades down the line. Walk away, no harm done, but certainly much more wary on my BIL intentions from here on.

Primrose

I think that's the right decision
Just intimate to your brother-in-law and sister that you value your ongoing and future good relations with them more than you value any potential financial benefit so that future relatiships are hopefully not impaired.

edinburgher

Good for you, there was a decided whiff of something unpleasant about that offer! :beer: