Real estate inheritance could cheat sibling out of home

DEAR BOB: My husband and I, in our 70s, live in our home of 48 years. Our three children are in their 40s. Our will stipulates the house will go to the three siblings upon our death. However, since one unmarried daughter living at home has been on disability for the last 25 years, we wonder if that is a good idea? If her brother and sister want their financial share of the house, the disabled daughter would not have the money to buy their shares. Nor would she have a place to live. We want to show compassion and yet be fair. Our children are very kind, sincere and loving of each other. Wanting their share of the money would be based on need, not greed. What should we do? --Mary Jane T.

DEAR MARY JANE: That is a difficult situation with no right or wrong answer. If I were in your circumstance, I would probably leave the house to the special-needs daughter alone. Or, you could leave it to all three siblings equally but giving the daughter a life estate in the house as long as she lives in it.

Purchase Bob Bruss reports online.

Either way, the disabled daughter will have a place to live. I presume the house is mortgage free so making mortgage payments is not an issue.

(For more information on Bob Bruss publications, visit his
Real Estate Center).

Copyright 2006 Inman News