Tweet
We are four siblings who have inherited a home, 2 of which live in it, 1 of which pays rent which goes into a pot to pay off a small loan on property (taken out by benefactor) and for maintenance etc.
The other sibling is not in a position to pay rent and hasn't been for many years. He has a minor mental health issue. He has agreed to repay what he owes from his equity in the house. In theory, he equity will be zero in the next 2-3 years.
We would like to ensure that he receives the benefits he is entitled to if the need arises when the house is sold. However, I suspect it will be perceived he is a part owner of the property as per Will and that he therefore has an asset as such. None of us have our names on the deeds - this was/is something we have never got around to as I know it will be complicated by the fact there is the small loan on the house in the benefactors name, which we are paying off. All this is over and aboard with the Building Society concerned.
Is there any way we can ensure what is necessary for my sibling, in the future?
Thanks
Cara99
The other sibling is not in a position to pay rent and hasn't been for many years. He has a minor mental health issue. He has agreed to repay what he owes from his equity in the house. In theory, he equity will be zero in the next 2-3 years.
We would like to ensure that he receives the benefits he is entitled to if the need arises when the house is sold. However, I suspect it will be perceived he is a part owner of the property as per Will and that he therefore has an asset as such. None of us have our names on the deeds - this was/is something we have never got around to as I know it will be complicated by the fact there is the small loan on the house in the benefactors name, which we are paying off. All this is over and aboard with the Building Society concerned.
Is there any way we can ensure what is necessary for my sibling, in the future?
Thanks
Cara99
