How to buy a house with brother and sisters?

lvchic_702: How to buy a house with brother and sisters?
I have 3 sisters and a brother who are all married. My mom recently passed away and left us some life insurance money to be put towards a new house with a condition that if something is to happen to any of my sisters and need a place to stay, they are welcome to stay to with us ( referring to me and my brother and his wife ). We ( sisters and brother ) would like to be co-owners but my sisters and I are worried about his wife coz she’s been threatening him with a divorce since forever. Need advice please.

Answers and Views:

Answer by Caveat Emptor
Your mom’s intentions may have been good – but that frankly is not a very practical idea. Especially since your brother is having marital problems. Such joint ownership agreements seldom end well. Rethink this.

Answer by Starfox
Look into making the property an estate. You have a lot of flexibility with the conditions. The quote below assumes death– ignore that aspect of it and it makes more sense relative to your condition.

” In the event you were to die or become disabled prior to the legal termination of your marriage, your estranged spouse may have legal control over you and your estate, and may be entitled to most, if not all, of your estate. However, through properly drafted estate planning documents, you can provide that someone other than your spouse will have control over you (in the event of your incapacity) or your estate (in the event of your death), and you can limit your estranged spouse’s rights as a beneficiary of your estate.”

Answer by Robyn O
If the money is significant then contact an attorney in your state and check the legality of her bequest.The few hundred dollars in legal fees could save you thousands. Certain conditions on bequests are unenforceable. Are all the siblings subject to the same stipulation? I am a little confused, did she leave all of you money under the same stipulation.

FYI- If you are buying a property together then get a Trust Attorney to set up a family trust.

Answer by Alf
I think you can ask your brother to quit claim ( not sure of the term ). I agree with the other two post before me but, if your brother desire not to get involved, he will have no part on this money left by your mom. Remember he is doing this just to keep his wife from getting any money. YOu can get a lawyer that can explain this better, my wife’s family had the same problem. Once he got divorce they waited about 5 years and got back some of the money.

Good luck

Answer by Bill
Contact a lawyer and see if you can establish a family trust and if you can ,then list the house in the name of the trust and it will protect it from others ie divorcing spouses.