Reply to What happens if my grandpa doesn't leave my mom the house she half owns?

Forum Index » Money and Finances

Reply to "What happens if my grandpa doesn't leave my mom the house she half owns?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]It will be ugly if in fact your grandpa left his share to your mom's other siblings...or an unrelated 3rd party.

If within the family, your mom would have to buy out the other siblings or sell the entire cabin in order to pay them out.  Best case, your siblings appreciate all your mom has done and perhaps are willing to cede their share at a significant discount to the market value.

This is why you can't rely on family to do the right thing...you need to get it in writing.  The way others handle a house like this, is you put the house into an LLC which clearly articulates how expenses will be paid on the property and how transfer will work upon the death of any of the LLC Members and it can't be changed by just one of the parties unilaterally (like your grandpa's will).

To answer your specific question above...yes, it's possible for the 3 siblings to simply convey their interest in the cabin to your mom for $0 compensation.  Something tells me at least one won't be willing to do this.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics