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Inherited house and siblings
Comments
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unforeseen wrote: »I've always wondered whats in people's heads when they write a will leaving their house to more than one beneficiary.
It normally ends up a disaster because one beneficiary wants the money (and not the responsibility or ensuing CGT bill) which is fair enough but the others struggle to raise the money to do this.
Why don't people put a simple line in that all major assets are to be liquidated and money split?
Keeping a family home is a nice sentiment but not really practical in most cases.
A relative did that because 2 of the children still lived at home, one as carer, the other with mental health issues.
Very badly advised by the solicitor. House couldn't be sold for two years but no provisions made for insurance, maintenance etc. Two years is up, house continues to deteriorate, the two are refusing to pay rent, buy the others out or to sell up, and the other siblings can't afford to force a sale. God knows what'll happen if they need means tested benefits.
The sad thing is the person with MH issues was offered supported housing which would have been so much better for them but declined preferring to stay out. Where they are now getting more and more unwell.All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.0 -
There was a similar thread to this a few years ago.
My paternal grandmother left her estate to two of her sons and also the right to live in one of the properties to another son. It took 3 more deaths and lots of legal stuff to get it sorted out.
To the OP do some more research and the help of a good solicitor to arrive at a solution that works for all of you.0 -
Thanks all for your help everyone, I will take the information you have all given me and try and work out something suitable with my siblings.0
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unforeseen wrote: »I've always wondered whats in people's heads when they write a will leaving their house to more than one beneficiary.
It normally ends up a disaster because one beneficiary wants the money (and not the responsibility or ensuing CGT bill) which is fair enough but the others struggle to raise the money to do this.
Why don't people put a simple line in that all major assets are to be liquidated and money split?
Keeping a family home is a nice sentiment but not really practical in most cases.
That happened to us. My grandmother left her little bungalow to her 4 children, equal shares. One of the sons was living in it, I have no idea if he was paying rent to the others. When that son died one of my uncles demanded that it should be sold. Caused a lot of wrangling. Before it was resolved my father died and left his quarter share to me and my siblings so we got a twelfth share each. It was finally sold but as there were now 5 people with an interest it took a while:rotfl:
We finally received about £1500 each, not a fortune even back then. In the 1980s. It would have been easier to leave it to one person (my father was the eldest of the 4:D)but I dread to think of the ructions that would have caused.0 -
OP: I'll echo the sentiments and advice above.
Sell it. Split the money. This is by far the simplest, least contentious way of doing things.
You can then remain on speaking terms with your siblings, enjoying the memories of your father's house.0 -
Murphybear wrote: »It would have been easier to leave it to one person (my father was the eldest of the 4:D)but I dread to think of the ructions that would have caused.
Better to have in the will that the executor has to sell the house and distribute the money to the beneficiaries.0 -
Just a quickie - get a couple of EAs or surveyors round so you can agree a fair price for the house.0
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rainbowcupcake wrote: »
I know I said recently, but it has been about two years.
Have you and your sibling been living in the property all this time?It's not difficult!
'Wander' - to walk or move in a leisurely manner.
'Wonder' - to feel curious.0 -
Just a quickie - get a couple of EAs or surveyors round so you can agree a fair price for the house.
We definitely will. I don't think it will be worth as much as stated above, it needs quite a bit of work doing.Have you and your sibling been living in the property all this time?
Yes we have and we have lived together for some time before our Dad passed, but it's getting to the point where I really need my own space!0
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