Can any one help, I need to ask my parents about their will?

Question

My parents are part owners in my property and although they say that it is mine and that it will be deducted from any amounts left in their estate when they pass away, I am worried that I would become homeless if they have to go into a home for care and their estate sold. On paper I am the owner and they are the contributers.I am finding it difficuilt to talk to them about this because I do not want them to think I want any of their money. I just need somewhere to live. p.s.It is only a small one bedroom flat and I struggle to pay the mortgage on my half so I can not afford to buy them out.

Answer 1

You don't need to worry about the will. Just make sure the deed was written with "Right of survivorship" so that if either one or both dies, their interest reverts to you rather than being "inherited" by any heirs.

If, instead, it was written as "tenants in common" than it would be inherited by an heirs.

I dont know what you mean by "on paper i am the owner and they are the contributors"....doesn't make sense to me but perhaps you're in a diff. country.

Answer 2

If on the Deed for the property you are listed as either a sole owner or as a joint owner with rights of survivorship you have no need to worry. The property will be completely yours when your parents pass.

If you are not on the Deed or you are a joint owner in common. Part or all of the property will be in the estate.

Talking about the what ifs in life should not be a strain on a family (even though it often is). When talking about the situation with your parents make it clear first off that you are not interested in their money and could care less if you get any cash or not. You should let them know that you are only concerned about your future housing, They should be able to respect that you want to make certain that you maintain a roof over your head.

You should also consider hiring an attorney that specializes in wills, estates, and trusts. That way you will know what the law does or does not allow in your situation.

Answer 3

Talk with an estate lawyer first, find out what the best way to deal with this situation is, to protect your parents estate when they pass away, as well as yourself.
I know you find it hard to talk to them, but it needs to be done. They should understand that, most parents do not want to leave a mess for their children when they are too old to take care of stuff themselves, or when they do pass away. If they are contributers as it is, they obviously want to help you have a place to live, that wont change. They wont think it is all about money.

So talk to a lawyer and see what would need to be done first. Then you should have a better understanding of how you should approach this with your parents. Good luck.

Answer 4

is there not a way that you could borrow money from them in order to buy them out? they would surely only be paying the same amount roughly.

also, i'm sure that the wouldbe upset ifyou were left homeless, so i suggest you ask them. i'm also pretty certain they know you're not after their money.

if you are the owner on paper the flat shouldn't be sold as prt of their estate. perhaps ask your lawyer if you are really against asking your parents.

i do hope your parents are well. good luck

Answer 5

Ask them to buy you out and put the proceeds down on a new flat: a studio or efficiency. That way your fear of becoming homeless should be extinguished.

Answer 6

ouch!
this is not easy to ask... but you may want to say that you need to clarify a situtation so you need to know their position.