Home News My siblings and I own land worth $1.2 million. My sister wants to build a house on it. If she dies, will her children inherit the house?

My siblings and I own land worth $1.2 million. My sister wants to build a house on it. If she dies, will her children inherit the house?

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I own a property with my two sisters and one brother. The property is currently valued at $1.2 million. The property is a joint tenant with equal shares owned by my brother and sister.

One of the sisters wants to build a house on the property. How will this affect myself and my siblings?

What if the sister who built the house happens to die or become incapacitated? I read that her part is in common with Tennant going to her surviving children.

It seems somewhat confusing to me. Will her children own the house and part of her property? What if they don’t pay the mortgage?

please let me know.

signed,

confused and worried

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dear confusion,

What you described is definitely an awkward situation. That’s not uncommon, but it still has major drama potential.

Your sister wants to build a house on the land you and your siblings share. In this situation, you are all co-tenants.

And the situation is complicated: are you all planning to live there or is this just for her? There is already a house on the property and is this a secondary home? , or is it the first house on the property?

If your sister is planning to build a new building on your shared property as her primary home, proceed with caution.

In general, tenants “can be very confusing,” and “mortgages are a whole other can of bugs.”

If she built this house and made it her home, your brother and you would likely still have the right to use the property, which could be a very sticky situation.

Leaseholds in general “can be very confusing,” says Jeffrey Kankler, a real estate attorney at the law firm. Carlisle, Patchen & Murphy He told MarketWatch that he is in Columbus, Ohio.

This is not the ideal type of ownership structure that should last forever.

Bottom line: If your sister builds the house on your common property and leaves it to her children, ownership is even thinner.

Your understanding that there is no “right to life” is correct. In other words, if your sister dies, the property she built doesn’t automatically belong to you and your surviving siblings.

Instead, if your sister dies, her will determines who gets the property. So if you and your three brothers likewise own a quarter of the land, and if she has two children, each child will each own an eighth of the land. you will get.

But “mortgages are a whole different can of bugs,” added Kunkler.

The proportion of children living in multigenerational households doubled between 1980 and 2018.

After deciding to live together on the same land, we’ve seen people coexist: many families who share ownership come together to build multifamily units, perhaps on different floors of the house or on different We live together in the wing. If your sister is obedient, it may be another option for your family as you can retain ownership of this $1.2 million property and enjoy living with them. Note: I don’t know where you live. Local zoning laws restrict such movement.)

This kind of multi-generational living is common in some parts of the world.and consider this study Census Bureau This shows that this style of living is on the rise in America as well. Between 1980 and 2018, the proportion of children living in multi-generational households nearly doubled, from her 5% to 9.9%, according to the report.

Either way, before someone decides to shovel into the ground, you and your brother should really consider changing the ownership structure of the property. Advice. Before embarking on this significant improvement, protected and property uses have changed. ”

I’ve heard of situations like this before. A distant relative wanted to buy the land, but could not afford the full amount, so he involved several other brothers as investors. Decades later, he decided to live there and build his home. what did he do He bought out his co-investor. I don’t know if that will be an option for your sister, but it seems like a clean way to do this to me.

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