Monday, June 14, 2010

Dad Sold My Inheritance

Inheritance has come up three times this week, once when Mom was given the house through divorce and two after the death of one parent. In each case, the parent with the house told the adult kids they were selling the home before doing so. Some of the kids was okay with that, but one in each family was angry and believed the parent should have just given the house to them. It had been their home for several years as children and they believed it was their inheritance.

I was able to talk to each parent and was told the kids had all been given a chance to buy it at a below market price with the parent holding the mortgage. Each parent did not “need” the money, but the memories were just too much to handle. Each parent felt they needed a fresh start. In each case the children had been gone from home for over 15 years and had not contributed to the upkeep and seldom visited even though all three lived less than 500 miles from here.

Sorry, Kids, your parent does not owe you that house just because it was your home when you were a child. Inheritance is just that, an inheritance after they have died!

In one case, Mom had been very ill for several years with only Dad as the caregiver. The other Dad had visited his wife in the Alzheimer’s unit for years before she died. Oddly enough, neither complainer actually wanted to live in the houses, they intended to sell them too. After the lengthy illnesses, there was no valuable estate to divide.

For those of you waiting for a parent to die so you will get the family home, it very well will not happen if there is a surviving parent who wants to live in it or to sell it. Inheritance comes after death, usually of both parents.

Until next time,

No comments:

Post a Comment