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It really doesn't matter if you have a winning case or not. Ever deal with estates? I have. Positions can get entrenched very easily, and before you know it the lawyers have all the money and you are left with nothing. Then even if you 'win' your case, you still lose.
I'd sell the house as-is now, split the proceeds with the sister, or take the mortgage and buy her out if it's a MUST you have the house.
I doubt the sister will agree to pay half that to upgrade the house, and Your money, sunk into the house, would increase it's value, and shed benefit from more of your money, not just mother's.
I'd just sell and take proceeds to buy back the house or buy your own house or build one you like.
Splitting inheritances is ALWAYS a messy business.
Someone ALWAYS feels they"didn't get their rightful share".
And as noted upstream, is sister going to share the costs of running the house and property taxes while you live there?
Nope, I'd sell and settle out now.
That's me though.
Good advice here. OP, don't be tempted by the free rent part of the deal. You are finally in a good spot money-wise and have an opportunity to continue to prosper. I don't see living in the house to be anything but an impediment to your continuing financial recovery and a continuing source of friction with your SIL. What would happen if you move into the house and, God forbid, your wife dies?
What would happen if you move into the house and, God forbid, your wife dies?
This. Why risk it? Is the home even appropriate for aging in place? Probably not.
OP, you’re going to be retiring in a few short years. I wouldn’t invest much in the current property; instead I’d start looking for a retirement location where $400,000 will buy a nice retiree-friendly home (such as a small ranch house) in a safe, inexpensive, livable community. Sell the current place and be done with it, and position yourself for your upcoming next stage in life.
What would happen if you move into the house and, God forbid, your wife dies?
Now THAT's a scary thought. I'm a widow and I've seen plenty of other widows lose their houses shortly after losing their husbands because household SS income went down by 1/3 (from 150% of the amount paid to the higher-earning spouse to 100%). It happens to men, too, of course, but men are more likely the ones to go first.
You do not want to put yourself into the position of having to move right after the loss of a husband or wife.
Do you want to stay there for a few years rent free until retirement? Do you have any idea where you want to retire? Is it there?
Until you have a plan for retirement, Id stay there and live rent free until you have your retirement plan in place. I wouldnt put much into the house either.
If you already have a plan for retirement, then Id work around that. I do think that, if you dont mind the house, that living for a few years rent and mortgage free is a good way to save up a pretty good bit of money.
But why would there be a lawsuit? We don't have the wording of the OP's mother's will but if it says the OP can live in the house indefinitely, that should settle it. There are cases where the heirs can force the sale of a house but that's typically when multiple people own it and the will says nothing about who can live there or when it must be sold, and some of the heirs want their money.
OP started this thread 12 years ago.
I think it's time to close it now.
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