Splitting inherited car with siblings
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Anonymous
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I am inheriting a car from my living parent who can no longer drive. This was the wishes of my deceased parent. I have three other siblings. I could really use the car and I strongly believe the parent does not want me to sell it.
I was thinking I’d tell my siblings that when our parent passes I will give them each 1/4 of the car’s value to make things equitable. (I couldn’t easily do it now.) How would you feel receiving this message as a sibling? Is it weird? Thoughtful? It would be about $4000 each and none of us are rich but we’re all doing ok. I just don’t want any bad blood. |
Anonymous
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Does the car belong to your living parent? Do they still control their own finances? Do they want you to have the car? Who’s on the title? Do any of you live with your parent?
IOUs are often awkward. Are you feeling obligated to say something because the other siblings might begrudge not receiving anything comparable while your remaining parent is living? That’s not usually something you can control, anyway. |
Anonymous
Are you specifically inheriting it or is it for all the kids? It would be tricky to split a car 4 ways but it sounds like you’re trying to craft a situation where the car lands with you. Also with 3 siblings you’re suggesting you’ll have 12K to distribute to them when your parent passes. Will you actually have that money to give? |
Anonymous
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Parent is transferring title to me. I am already the death beneficiary on the title. Everyone has known for years that this was the plan. A sibling and I are POA and named co-executors. We are helping with finances but the parent can still do quite a bit.
Yes, I don’t want my siblings to harbor resentment that I am getting a gift and they are not. Our parents made an effort to treat us the same. |
Anonymous
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When my MIL died we just said the car was a gift to sis in law and didn't bother with calculating it. We didn't want the car and it wasn't worth the effort of selling it, compared the the value of just letting her have it.
However if you're the person receiving the car, don't assume other people are going to take that stance and be prepared to buy other people out. |
Anonymous
| This is OP again. All of us live in different states (though I’m closest to parent) and everyone has known I’m getting the car. I will definitely have the $12k after the parent dies. Right now things are tight. |
Anonymous
| That's very thoughtful of you. I think you don't have to do it (a gift to you is a gift to you) and also you don't kmow what your parent's will might do. I'd leave it alone unless your siblings are really touchy. |
Anonymous
| OP again. I have the will. All four siblings are treated the same. |
Anonymous
| Just take the value of the car out of your share of the assets, And it should be the value today, not when your parent passes since you have the car now. |
Anonymous
| I'd assume there will be other valuable things that one siblings gets and the other doesn't? Like engagement rings, silver, heirlooms. |
Anonymous
| I wouldn't worry about it. Sounds like you're the main one helping parent, you deserve it. |
Anonymous
| Keep the car. Don’t you need it ? |
Anonymous
| Have others gotten more college paid for or downpayment help, or grandkid help or weddings paid for? I really wouldn't be splitting hairs here. |
Anonymous
| I would reach out to them and ask if they are ok with you getting the car. Leave out the money part. I'd be fine with it if I had a car and didn't need the money. |
Anonymous
A lot of people would expect something comparable. You want the car? Fine, I get the jewelry. Is OP ok with that? |