What is the name of your state? Utah
My Mother and Father In Law have a home that upon their passing is to be equally distributed between four grown siblings, 3 daughters and a son. A year ago, the son helped the parents refiance their home as they would not have been able to do this themselves. The son is therefore showing as the owner of the home with the parents paying him each month and he turns around and pays the mortgage. The parents say they have an oral agreement with the son that they are the owners and the proceeds of the sale of the house will be made to the sibilings.
The problem is, the son is getting married later this year and the other sibilings are concerned that the new wife would be entitled to 50% of the equity if the marriage doesn't work out. What needs to be done to ensure that something like this doesn't happen? A quit claim deed was mentioned in conversation, is this an answer?
These people are very trusting and not concerned about problems between family members and they are going to leave things in one big mess. I have seen that family agreements don't mean diddly squat when it comes to money. Everyone is looking out for their own interest and it will get ugly. I'd be most appreciate if there's something that can be done to head off this disaster in waiting.
Thanks for your ideas.
My Mother and Father In Law have a home that upon their passing is to be equally distributed between four grown siblings, 3 daughters and a son. A year ago, the son helped the parents refiance their home as they would not have been able to do this themselves. The son is therefore showing as the owner of the home with the parents paying him each month and he turns around and pays the mortgage. The parents say they have an oral agreement with the son that they are the owners and the proceeds of the sale of the house will be made to the sibilings.
The problem is, the son is getting married later this year and the other sibilings are concerned that the new wife would be entitled to 50% of the equity if the marriage doesn't work out. What needs to be done to ensure that something like this doesn't happen? A quit claim deed was mentioned in conversation, is this an answer?
These people are very trusting and not concerned about problems between family members and they are going to leave things in one big mess. I have seen that family agreements don't mean diddly squat when it comes to money. Everyone is looking out for their own interest and it will get ugly. I'd be most appreciate if there's something that can be done to head off this disaster in waiting.
Thanks for your ideas.