Found an issue on this page? Let us know and we will look into it as soon as possible.
Mom 93 lives with me 10 yrs I am buying her condo in MO siblings angry think profit should be their inheritance.
Anonymous2 views2 answers
Mother has lived with me 10 yrs I pay: her housing some food & clothing Mom wants to sell her condo. 2 siblings use it regularly for 10 yrs without offering to pay for utilities, taxes, ins. My daughter and I are buying it. Appraised: 73K. I pd 50K improve I pd 66K 116K total No down-payment. Mutually agreed we pay her $500 per month until her passing, then debt forgiven. Siblings said feel their inheritance is diminished because she told them it would be split between the 3 of us. New owners...either stranger or myself, it doesn't matter. What Mom does with $ is her business. She quit-claimed to us. Any problem in that? Siblings state I should have consulted the 'heirs of her "estate" Mom is still alive. Do I owe them further explanation or $? need sound mind docs?
Jerry E ShilesElder Law AttorneyOklahoma City, OK ·
As previously noted, if your mother is still legally competent, she can do with her property as she wishes. Under the facts you've provided, I would not see your siblings having any claim against you. If you are concerned, check with an elder law attorney and have the attorney more fully document what is transpiring, but I'm not sure, with the information I have, that this is even necessary.
Generally speaking, as long as your mother is of sound mind, she can do with her property whatever she pleases including selling it to one offspring to the exclusion of all others. However, my guess from what little you say, is that this situation is a lot more complicated than just that. You don't state whether you have a financial power of attorney over your mother. If so, you might be in trouble because then you would have a fiduciary duty to sell it at a fair market price on the open market or at least pay the equivalent of that. Also the fact that the debt will be "forgiven" upon her death is a bit concerning. It doesn't matter that you and Mom made an agreement to that affect. The reality is that the lender (and the court) is going to look at it this way: Any remaining debt on the property would have to be paid by you. Does your mother not have a living trust? Because it seems that would be a really wise thing to establish for her and put all of her assets into and have her living expenses come out of that. Is she going to continue to live with you in this condo? Are you going to continue to pay for "some food & clothing" costs of hers? Whatever you do or have done, make sure to get it in a dated, signed, notarized writing (both you and Mom need to sign). Best of luck.
