The offspring who lives remotely in house valure150k gives ownership of that house to other offspring and then takes ownership of family house value 300k. Problem solved.
This is way too complicated trying to sort out a future possibility based on unpredictable events.What is the best option here? Is it just to sell the property and remove any of the emotional attachment or is there some arrangement that can be made where either sibling don't loose out on there fair share?
So what i have been told when i presented this same option was that, the older siblings house may not sell for quite a long period of time, and if the parents house goes on the market without being able to sell there own property they could not afford the home house.Let's look at the numbers.
House value €300k
Older sibling's share €150k
Older sibling needs €150k to buy the house.
Older sibling house value: €150k
So what am I missing?
This sounds like a logical option to me.Solution would be to word the will as follows
"I leave my house to my eldest child on condition that they pay 50% of the value of the house on the date of my death to my youngest child within 3 years of the date of my death"
Brendan
I know i certainly would not like to take on that house and my wife the younger sibling in this equation would be even less interested than me.The offspring who lives remotely in house valure150k gives ownership of that house to other offspring and then takes ownership of family house value 300k. Problem solved.
So there's your answer, if they can't afford it, they can't buy it.they could not afford the home house.
So in the instance above, offspring 1 inheriting €150k share would need to finance the balance of the €150k either by selling existing house (which may take a while) or presumably a top up or a new mortgage? Her in mid 40's currently and her husband turning 50 all bearing in mind the father living in the house would deffinitley have 15-20 years left in him yet! Above couple could be 65 & 70 when this may happen!!I'd disagree with Brendan; leave the will as proposed, e.g. house to be sold.
If Off-spring1 wants to buy the house they can do so in the normal way.
Somehow people get the notion they have to buy the property at (say) 500k, when in fact they already are inheriting 250k (50%) & thus the cost of purchase is 250k.
Of course if Off-spring1 doesn't have or can't raise the 250k, then all bets are off.
Honestly can't believe your family is giving your father grief over unpredictable future scenarios. Enjoy your time left with your surviving parent and be grateful he is still around.So in the instance above, offspring 1 inheriting €150k share would need to finance the balance of the €150k either by selling existing house (which may take a while) or presumably a top up or a new mortgage? Her in mid 40's currently and her husband turning 50 all bearing in mind the father living in the house would deffinitley have 15-20 years left in him yet! Above couple could be 65 & 70 when this may happen!!
Answers in red above, thanks for your response.This is way too complicated trying to sort out a future possibility based on unpredictable events.
- How is parent to fund older care Im assuming fair deal Scheme
- Why does sibling want to move into family home Closer to local services GP Chemist Post Office local bus Links and remaining family
- How big is family home Standard 3 Bed Semi appox 1,000Sqft
- How big is current 150K home As above
- what happens if child predeceases parent Yes needs to be thought about also
On the face of facts presented, and to avoid an absolute mess, parent wills his estate to his two children equally, and let those 2 children sort it out then. Bereaved parent does not need this grief now. I would tend to agree!
Sorry there not giving him any grief he is pushing them to answer that they are willing to accept the 50/50 scenario and sold within 1 year as he is ultra organized and not fully grieving yet; i would add in my opinion. He wants to ensure his will is in place to best suit both but there are over and back to each other on how to manage it or who does what....Honestly can't believe your family is giving your father grief over unpredictable future scenarios. Enjoy your time left with your surviving parent and be grateful he is still around.
What happens if eldest child moves in and refuses to pay?Solution would be to word the will as follows
"I leave my house to my eldest child on condition that they pay 50% of the value of the house on the date of my death to my youngest child within 3 years of the date of my death
Time to stop this nonsense and both tell Dad leave the house to both and not to worry about a thing. Present a united front and both agree do sort it out when your father dies. End of discussion.Sorry there not giving him any grief he is pushing them to answer that they are willing to accept the 50/50 scenario and sold within 1 year as he is ultra organized and not fully grieving yet; i would add in my opinion. He wants to ensure his will is in place to best suit both but there are over and back to each other on how to manage it or who does what....
My father has left his will in a similar way to what @Brendan Burgess suggests here. Except he is leaving his house to me on the condition that I pay my sibling one third of it's value within three years of his death. My only query is, how is that 'value' determined? Is it simply a matter of getting one valuation from an auctioneer as soon as possible after he has passed away? Or can the valuation be calculated anytime within those three years? Or perhaps there needs to be a minimum number of valuations obtained from different auctioneers and then take the average?Solution would be to word the will as follows
"I leave my house to my eldest child on condition that they pay 50% of the value of the house on the date of my death to my youngest child within 3 years of the date of my death"
Brendan
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