protection before death - heir

[bebuela]

What is the name of your state? New York
Mom, still alive, states in her will (and orally) that her house will go to her 4 children equally. Other children live out of state and county. I have lived near her and now with her, helping out with misc. 2 sibs say they do not want part of house, want me to have it. HOwever, other sib, according to mom, will want her 1/4 share. What can I do now to a) protect myself if 2 sibs "change their mind" or b) financial pressure from other sib when the "time comes" and all is very emotional?

 

[Pfaffing85690]

Mom should change her will. Simple enough.

as for protecting yourself from the 'other' sibling, that simply is not up to mom unless she writes this one out of the will now.

Once mom dies any 'owner' of the asset can file a Partition suit to either split the property and/or sell it and divide the proceeds accoring the the percentage of ownership.

 

[bebuela]

Mom should change her will. Simple enough.
Mom's will remains the same...she wants "complete equality" and doesn't stipulate, "that if some heirs refuse partial assets, then..." However, I am fine with all. I want to give 1/4 share of home when time comes to "other sib".
as for protecting yourself from the 'other' sibling, that simply is not up to mom unless she writes this one out of the will now.

Once mom dies any 'owner' of the asset can file a Partition suit to either split the property and/or sell it and divide the proceeds accoring the the percentage of ownership.

Great. will remember this. I don't want to sell home, so how would I give the 1/4% to sib w/o having cash to do so.? House is paid off. I am not familiar with home ownership details. Want to be informed now to try and plan ahead. We have put lots of $$ into home over years..can this be taken into account as well?

 

[nextwife]

Your financial contribution in the home can only be considered IF mom makes such a provision in her will. If you have invested money in Mom's home, mom can, if she wishes, grant you some greater share or reimburse you out of other assets in her will for what you've put into the place. That was your choice to "improve" a property you did not own.

As to HOW to buy out sibs on a F&C house: when the time comes, you could get a mortgage for the buy-out amount to pay them for their shares in exchange for a deed to you from them. Or mom could have a provision that they be paid out by means of a mortgage they carry against the house for their share, if she wishes to set this up in some way that protects your right to stay there. There are other options, but that is for her to explore with her attorney.

It is Mom's call, and up to her and her attorney, not you.