Im not from the UK, but would like perspective if you are or have been in the same situation.
13 yrs ago when Mum & Dad were fit and healthy, but also asset rich and cash poor still paying a mortgage my husband and I borrowed money to build a granny flat on our property for them.
Mum & Dad sold, paid off their mortgage, paid us for the building of the flat, and freed up some cash for them.
We had a legal agreement protecting their money, they had the right to occupy.
I might add, that at that time my husband was diagnosed with cancer and given 3-5 yrs to live.
As we know life hardly goes to plan. Within just 5 yrs Mum diagnosed with Alzheimers, Dad last year with Mixed Dementia. Both of them were in care, both of them passing away this year. Mum in March, Dad in June.
My husband is still well.
Now comes the question of Dads Estate.
We are in a position to pay back the Estate, the sum of money Mum & Dad paid, but then split between myself & 2 siblings.
However, siblings want a valuation on our property as the granny flat has increased the value, then 3 way split.
Despite making wills & EPOA, and our property agreement, the only downfall is not getting Mum & Dad to update their wills reflecting all of this.
Opinions please
13 yrs ago when Mum & Dad were fit and healthy, but also asset rich and cash poor still paying a mortgage my husband and I borrowed money to build a granny flat on our property for them.
Mum & Dad sold, paid off their mortgage, paid us for the building of the flat, and freed up some cash for them.
We had a legal agreement protecting their money, they had the right to occupy.
I might add, that at that time my husband was diagnosed with cancer and given 3-5 yrs to live.
As we know life hardly goes to plan. Within just 5 yrs Mum diagnosed with Alzheimers, Dad last year with Mixed Dementia. Both of them were in care, both of them passing away this year. Mum in March, Dad in June.
My husband is still well.
Now comes the question of Dads Estate.
We are in a position to pay back the Estate, the sum of money Mum & Dad paid, but then split between myself & 2 siblings.
However, siblings want a valuation on our property as the granny flat has increased the value, then 3 way split.
Despite making wills & EPOA, and our property agreement, the only downfall is not getting Mum & Dad to update their wills reflecting all of this.
Opinions please