My brother and I are to split a piece of family property in equal shares when my mother passes away. He wants me to buy him out, but my mother refuses to change the will. Can I buy his future rights to the property, and at her "passing" legally get him to turn his share of the property over to me?
2007-05-10 15:15:22 · 3 answers · asked by donny b 2 in Business & Finance ➔ Renting & Real Estate
I've seen it done once, not sure if it was legal, but a friend bought his sisters rights to the family farm. Dad had died, mom was in a care center and not able to make any decisions, so he bought her rights. Then was able to invest and do as he needed to do on farm with no worry. Before mom died sister gave him a quit claim deed to property, then after mom died, she gave him another deed which was recorded. (first one wasn't recorded) I think the way they worded it was 'current and future rights'
2007-05-10 15:42:22 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋
Sure.
If you're both in agreement in terms, of couirse. You will need to spend a little money for a lawyer to make sure the terms are right (and you don't get screwed-over, tax-wise, if the property has some value).
2007-05-10 22:24:01 · answer #2 · answered by T J 6 · 0⤊ 0⤋
I would think you could make such an arrangement, but you surely should consult an attorney to prepare any such documentation. However, I don't think it's the brightest idea you've ever had. What happens if your brother precedes your mother in death ? You may have purchased something you would end up getting via inheritance anyway.
2007-05-10 22:25:33 · answer #3 · answered by acermill 7 · 0⤊ 0⤋