Are we forced to sell mum's bungalow after her death or can we rent it out?

Mickey666

Surely it depends on the likelihood of the planning scenario ever happening.

We plan (or should do) for our pensions because that scenario is very likely to happen, so we'll hopefully be in a better position when it does.

Financial planning for winning the lottery should be way down the priority list because it's very unlikely to happen.

The OP's position concerns an inheritance, which seems to be similar to pension planning in that it's very likely to happen so it's worthwhile spending a bit of time planning for it, especially since there will be serious decisions to be made, as described.

Anyway, we're not being asked whether or not the OP should be planning this far ahead because they have clearly already made that decision, hence the question that we are being asked.

unholyangel

Mickey666 said:

Surely it depends on the likelihood of the planning scenario ever happening.

We plan (or should do) for our pensions because that scenario is very likely to happen, so we'll hopefully be in a better position when it does.

Financial planning for winning the lottery should be way down the priority list because it's very unlikely to happen.

The OP's position concerns an inheritance, which seems to be similar to pension planning in that it's very likely to happen so it's worthwhile spending a bit of time planning for it, especially since there will be serious decisions to be made, as described.

Anyway, we're not being asked whether or not the OP should be planning this far ahead because they have clearly already made that decision, hence the question that we are being asked.

You say a lottery win is unlikely to happen but millions have lottery wins every week (I didn't stipulate jackpot!). But it's an unknown amount at a unknown time in unknown circumstances. 

So how do they plan for an inheritance of an amount they don't know, at a time they don't know and under circumstances they can't predict? What happens if theres nothing left to inherit? Or if the house needs to be sold? Or if it can't be rented out? Or the OP predeceases the mum? Or the brother predeceases and it passes to his children? Or he dies a week after the mum and his will leaves everything to a wife the OP doesn't get along with? Or if the government cut expenses for landlords again? Or if the brother decides he wants to move into the property but doesn't pay OP anything? Need I go on? Because, trust me, I have by no means exhausted the possibilities of what could happen between now and an undetermined point in the future. 

As I said, I could understand if the mum was terminal. If she is not, then you'd be as well planning for a jackpot lottery win, for all the good it will do! 

Mickey666

Fair enough, YOU think the OP is wasting their time by even thinking about this issue.  However, your opinion is irrelevant because the OP has already decided to think about it and has asked a number of questions, so it would be more helpful to help answer those questions.  

Mojisola

Mickey666 said:

Fair enough, YOU think the OP is wasting their time by even thinking about this issue.  However, your opinion is irrelevant because the OP has already decided to think about it and has asked a number of questions, so it would be more helpful to help answer those questions.  

As a family, we discussed a range of 'what if' scenarios as Mum and Dad got older.  I'm glad we did because grief makes it very hard to think straight and having done the thinking in advance made it much easier to deal with everything.

SpideressUK

I missed the last few comments, it seemed to stop  notifying me.  My mum died in October 2021 so approx 16 months after I started this thread.  She had Dementia plus multiple complex health needs.  She'd been living with my brother for 9 months since dad's death and then with me for 7 months in-between hospital stays and gone from hospital to care home.  She'd never lived in the Bungalow, we bought it after selling the family home as it was near me and we hoped she'd be able to live there with myself plus district nurse assistance but her health turned out not to allow that.  My brother and I had POA for both her finance and health.  We'd been insuring and "doing up" the Bungalow for a long while and were debating if it was best rented (to go towards care fees if needed - though in the end she got continual health care funding so had no fees) and then potentially remaining rented after her death.  Once we knew for sure she was 100% unable to ever live outside the care home anymore we decided to sell the Bungalow.  The sale went as cash into mum's bank account and, upon her death, her entire estate was split 50/50 as per her Will.  She spent about £11k in renovations that she never got to benefit from but upon selling she made about £12k profit so that balanced out the money spent on renovations and at least the disabled person who moved in had a completely new kitchen, floor coverings, central heating and upgraded wet room.

Keep_pedalling

I think you made the right decision, becoming a landlord comes a lot or responsibilities and obligations and the potencial to get the tenant from hell.