Business is business.....

Frankychan · May 28, 2003, 02:31

I have been informed that when my parents pass away my sister and I will inherit the property. In the clause, the property and house will be split 50/50 even. Here's where things get messy...

My sister has proven that she is unreliable. She is currently 26 years old. He hasn't held onto a job for longer than 6 months since she was 20. Right now she isn't working and has moved from residence to residence, racking up debts. Her current trend is to move out when she can't take my parents, rack up a whole smackload of debt, move back home, leave, etc etc. Her education is a G.E.D.

Myself? I am a high school grad and will graduate from college within a year. I've held onto my jobs for longer than 1 yr. (granted they were entry-level). I have a small number of debts that is education related.

Enough with the summary. My question is that when my parents pass away and the estate gets split 50/50, is there some way where I can legally obtain the other 50 percent? I'm afraid she'll make some sort of mistake managing the property or decide to sell the property (something my dad has said is a NO-NO).

Basically, it all comes down to business. Given her track record of employment, I don't think she stands a good chance against my own. Additionally, she is on welfare and is trying to get social security for disability (she's overweight). I'm thinking that against my own track record of education and length of employment, I stand a good chance of getting her half.

Side note: I plan on leaving half the property to my nephew (her kid) as well as my own kids. That's what my parent's said to me when they were explaining this.

Don't judge me if this sounds cold-hearted or whatever. She's considered the 'black sheep' of the family and has taken advantage of my parents, my extended family, and even her friends. If this makes me sound like a bas**rd, so be it.

But going back to my question: is there a way I can gain 100 percent of the property if in the will it states 50/50?

Dis · May 28, 2003, 02:35

you're right- it does sound cold-hearted

I would say no. If it is a proper will wrote up by a lawyer.

When she pisses away her half just refuse to help her when she has nothing left

.

DRoseDARs · May 28, 2003, 02:59

Try to convince your parents to at least make a different arrangement with her half instead of just "giving" it to her. God, I don't know the terminology but couldn't it be put in a trust? Something she can only access when certain conditions are met; held in her name, but not controlled by her?

Worthingtons · May 28, 2003, 03:27

Everyone should get thier share of thier estate whatever they have done in thier life, because she doesnt have education and a good career like you may have means she will need this even more so than yourself. What you must hope is that by the time your parents have passed away your sister is responsable enough to deal with what she get's hold of.

Sikander · May 28, 2003, 04:53

Quote:

Originally posted by Rothy
Everyone should get thier share of thier estate whatever they have done in thier life, because she doesnt have education and a good career like you may have means she will need this even more so than yourself. What you must hope is that by the time your parents have passed away your sister is responsable enough to deal with what she get's hold of.

This is sensible advice. Odds are it will be many years before this stuff actually has to be dealt with. By then her kid might be full-grown, and who knows about her. If she continues to screw up (drug problems?) then perhaps your parents will simply remove her from the will and substitute her son. In any event, never count on an inheritance, make sure that your future stays in your hands. That way your parents can't jerk you around (some do this, though I don't mean to imply yours would), or your sister can't worm her way back into their confidence and re-write the will etc. It sounds like you already have taken this line by being responsible, pursuing your education etc. Keep it up, and don't let this thing distract you.

TheStinger · May 28, 2003, 04:57

Short answer No there isn't other than having the will changed.

If it all goes to you, she may have grounds to challenge the will then( This is under Uk law which is normally similar to US law) Of course then the only winners are the lawyers.

CerberusIV · May 28, 2003, 04:57

If the eventual intention is for her child to inherit 50% then the only way is for the will to leave it to the child when the child reaches a specified age and give you full powers to administer the property until then.

The risk as it stands is that your sister will borrow money against her half of the property, default on the repayments and the loan company will go to court to force a sale to get their money back.

The only reasonably sure way to avoid this is to change the will to exclude her.

Sikander · May 28, 2003, 05:02

Quote:

Originally posted by TheStinger
Short answer No there isn't other than having the will changed.

If it all goes to you, she may have grounds to challenge the will then( This is under Uk law which is normally similar to US law) Of course then the only winners are the lawyers.

The way to avoid this is to leave $1 to the sister in the will. Otherwise it is as you say here in the U.S. as well. Probate will divide the property just as the current will would in this instance, fifty-fifty.

Lord Merciless · May 28, 2003, 05:06

How old are your parents?

TheStinger · May 28, 2003, 05:14

Is the sister is removed from the will but your parents continues to support her, then she will have a very good claim aginst the estate.If they remove her from the will and stop all contact with her then it will probably stand up

Rufus T. Firefly · May 28, 2003, 05:25

Don't listen to people here; there' a simple straightforward way to make sure you get the other 50%. I'm reluctant to come right out and say it, but, well, have you seen The Godfather Part 2? In your family, your sister is clearly Fredo. Enough said.

Okay, okay, I have a second suggestion. If I were you, I'd start saving your money. Your sister sounds like a terrible money-manager and all -around financial dope. By the time your parents are gone, she's unlikely to have improved that situation; if anything, she's likely to be in worse shape than ever. In those financial straits, a house does her no good; cash, on the other hand, should make her eyes light up. Save your money and, when the time comes, buy her out. If she's desparate -- and if there's no love lost between you -- you may even be able to get her half cheap.

TheStinger · May 28, 2003, 05:27

You could persuade your parents to put hte money for your sister in trust to be controlled by you. This way your sister still gets the money but you can stop her wasting it

Lord Merciless · May 28, 2003, 05:56

It may be several decades until this issue comes up. Who knows what's going to happen then.

As for my self, my parents are both 60 and I'm not even bothering with thinking about inheritance.

Rufus T. Firefly · May 28, 2003, 06:15

Quote:

Originally posted by Lord Merciless
It may be several decades until this issue comes up. Who knows what's going to happen then.

As for my self, my parents are both 60 and I'm not even bothering with thinking about inheritance.

That's the truth. All it takes is one long bear market, or one protracted, debilitating disease, and that house will be gone anyway. I had always assumed that my sister and I would inherit my mother's house, which she owns outright, but she's just announced that she's going to take a "reverse-mortgage" on the house so sh can enjoy her life while she still has it. There goes my childhood home, but bully for her!

Frankychan · May 28, 2003, 06:33

Rufus-Thanks!

Buying her out seems like the most likely option I'll take. You guys are right in that there is no love lost between us....it's one of those relationships where my whole family has had to step in to try and work things out. It ended up being where we can only tolerate each other for short amounts of time.

Well, I have enough ambition to not rely on inheritance. But my parent's property has been in our family probably before Hawaii became a state, so it is pretty valuable.

What I'm worried about is that she'll get into worse financial trouble and will basically fudge everything up....as in, having to sell her half of the property (something my family will never tolerate). She is horrendous in money management. Granted, I'm not very good either, but I'm a little more financially independent and reliable.

As for my parents, no deal. I've talked to them voicing my concerns and they have said that basically they're gonna do what they're gonna do.

I'm probably gonna go with a buy-out. It sounds safer and less laborious than legal action.

Skanky Burns · May 28, 2003, 06:51

I would go with the buy-out too. It seems the simplest solution.

Worthingtons · May 28, 2003, 07:15

Frankchan, I think your sister may well be depressed, as overwieght people tend to be more suseptable to this. And depressed people are rarely one's to take care of thier finance.

I know this from personal experience too, since I was once diagnosed depressed and at that time i had (without realising) allowed my finances to be pretty bad. I am normally a money geek and manage my money to the last penny.

Perhaps the answer is to get your sister to acknowledge the problems she is suffering from, perhaps even pursude her into sorting it out (I can bet you have shyed away since pursuading someone they have any form of mental illness is VERY difficult).

Yeah, The Buy out is a wonderful option from a personal point of view and will protect your home. HOWEVER, if your sister remains the way she is then it really will do nothing but waste all money your parents have worked thier life for as she will squander the money. If you go for the buyout do the good thing and make sure she at least puts it down on another place (maybe even offer her a financial incentive to do so).