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Hi ya-awl,
I need some advice. My parents and I recently purchased some rural land. I plan to build a house on it within the next year(s) and my parents would like to help financially so they can use it as a "getaway" once in a while (they will live in the city). Since the land is 10ac, we'll probably build a cottage or two aside from the house.
My brother and sister did not care (nor did they put any money into the land) about the land purchase. To prevent any future family disputes between me, my parents, and my sibling's future families, what do you all recommend I do contract-wise? Basically, I don't want my brother/sister claiming part of the property 30-50 years from now after my parents are gone.
There is NO animosity or dispute, I'd just like to have my bases covered in case of any future trouble.
There is no way to stop your siblings from inheriting the parents share (interest in) of the property unless they have a very specific will. Even then if the shares of cash, jewelry, other property is not equal, they may dispute the will. You need a good estate attorney to advise you.
You and the folks sit down with a competent lawyer who specializes in thesxe issues and have them title the property correctly and get all the legal documents in a row now. There is really little you can do as DIY lawyer & self adviser that will survive a good legal challenge later on by other family members. Now is not the time to go cheap and skimp, get the best legal advice now to prevent problems later on. And don't wait, as you will be surprised how many problems arise because that sad event happened on the way to the lawyers office.
You should be able to just have the deed as joint tenants with full rights of survivorship. That would mean if one party passes away then the remaining person on the deed has full rights to the property.
That being said, do you not think your brother and sister have a right to your parents part of the property when they pass away? When your parents pass away are your brother and sister going to attempt to keep you from inheriting part of your parents estate?
You also mention that your parents are going to help you build a house. Why didn't you just but the land and build the house on your own so you wouldn't have an issue? You could still build a cottage your your parents to use when they visit.
Mike, I do agree that my brother/sister have some kind of right to the property after my parents pass away, but I am not sure exactly what kind of right that is other than the occasional visit/stay-over. What I don't want is this to turn into a "we own the property just as much as you do" type of conflict in the future. My siblings had a chance to invest in the property in the beginning, but due to age/financials (my brother is 20) and lack of interest (sister wasn't interested), they declined. When they have families of their own, I am sure their interests will increase Again, there is no conflict and animosity between us--I do want them to come and visit often, but I've seen so many ugly battles between "nice" families that I want to make sure I cover all my bases here.
Yes, I plan to build the house myself and then my parents will probably do a cottage elsewhere on the property. But, if my house is on land jointly owned by my parents and I, am I setting myself up for conflict in the future?
Have you looked into on paper dividing the land somehow so there can be a piece that stays yours with your house on it? Is the main concern here that they will end up partly owning your residence after you have put so much into this? I can understand that.
Tex, If you're parents are just lending you money, the sib's have no claim I'd guess, unless they fight for the $$$ to be paid back to the estate. But if parents are listed as co-owners, then of course they would get their fair share when your parents pass. One part of your post I dont understand, is where you state the sib's didnt want to go into this deal... That has nothing to do with their share of parents estate. I could have 10 sisters & brothers that went into a business deal with our parents and I declined, that would have no bearing on me still recieving my share of my parents owned property,and it shouldnt imo.
Kids normally split what the parents own, who they share ownership with makes no difference. Just imagine a sister and parents both put $100,000 into a house, then after parents pass, would it be fair for that sister to claim/own the whole house? While I totally get you wanting to protect your share, and I'd go to a attorney to make sure my sib's couldnt touch mine, you 3 should split parents share. The poster who said to sub-divide is right. Make it clear who owns what. You wouldnt want to be cut out of what your parents own, just because they went into a piece of property with your brother/sister, right? Good luck!
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Again, there is no conflict and animosity between us--I do want them to come and visit often, but I've seen so many ugly battles between "nice" families that I want to make sure I cover all my bases here. 
