Upon my husband's death, I inherited his 1/3rd interest in his mother's house. Over the last 10 years I've been paying 1/3 of the taxes and maintenance. It is very difficult for my sister-in-law to uphold her obligation and it's becoming more and more of a problem. I'm only keeping it for my children as I don't need the money and have enough assets to leave them upon my death, without the money from her house. It is understood that if the house is sold, and she is still living, the money will go to her. She says she will change her Will to include them, but I have no guarantee of that and upon her death there may not be any money left. I feel I may be depleting my assets to preserve the house now and I should just sign my interest over to my brother and sister-in-law. What do you think?
2006-09-30 22:20:32 · 7 answers · asked by Blondie 3 in Family & Relationships ➔ Other - Family & Relationships
jump out now. you investing on a gamble
2006-09-30 22:23:38 · answer #1 · answered by blue_eyed_southernman 4 · 0⤊ 0⤋
If your own money is being depleted by paying in to that house, then by all means sign it over. You must think of your children first. If you want to leave them some of that money you're spending on that house, then simply do what you have to.
If she doesn't have them in her will to begin with, what's not to say she won't do it at all? For all you know, you may be paying in to what someone else is going to get upon her death. Then what are you going to leave for your own children?
2006-10-01 05:37:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
it's not clear who is living in the house and who the money from selling it would go to.
confusingly, you also declare that you are financially able to provide for your children but paying one third of the expenses is a risk.
if your mother-in-law is still alive I would consider continuing to assist her by paying the one third.
if she is not...I would assume that the house is tenanted by someone paying market rent for the property. that is important, because the income should substantially replace the costs of maintaining the property.
if your sister-in-law is living in the property...she should be paying rent for the portion of it she does not own.
you are under no obligation to subsidise her living expenses.
you should seek legal advice. if you gift her the third share there seems to be a risk she will then sell the house since she is already struggling to cover her share.
Will you or your children see any of that money?
I think you could gift her the property if you are happy to walk away from it without regret. You won't get any money back.
Or you could seek legal advice to force her to pay rent or sell the house and divide the proceeds.
2006-10-01 05:50:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
HOw old are your children? If old enough - could you discuss it with them?
If you have no need financially for it - then why not just sign it over and hope that your MIL will honour her promise to include your children in her will.
2006-10-01 05:23:27 · answer #4 · answered by zuj 3 · 0⤊ 0⤋
Well, you DONT need it so I would just sign it away, who knows if she will include u in the will?
Besides, its not like its your mom, right?
I am glad you have enough for your kids, so I would inherit more problems, u know?
2006-10-01 05:22:36 · answer #5 · answered by Photographer 6 · 0⤊ 0⤋
why not give it to the other share holders to the house??
2006-10-01 05:22:52 · answer #6 · answered by atmnt666 1 · 0⤊ 0⤋
no... no.... no
hold on to what you have........ you never know
2006-10-01 05:23:06 · answer #7 · answered by heyitsme 2 · 0⤊ 0⤋