Is buying siblings out ot of an inherited property a fair thing to do?

[Stormypaige]

This is hypothetical. I've never bought a house, I don't know how it works so sorry if this is a stupid question.
and hopefully this situation is many years in the future.

When my dad passes away (hopefully many years from now) his house will be left to us four siblings. I am the only one of us that might realistically be able to afford it as my career with hopefully be paying well by then. I love my childhood home and would hate to lose it. Is it fair to get the house valued and buy siblings out? Or would they likely feel aggrieved that they hadn't had the opportunity of putting it on the market and getting a potentially higher price? If it's an inheritance, is selling the fairest way to do it?

how is it crass to be thinking about it now, and not crass to have a will?

surely its about the same thing, OP wants to keep the house in the family, and maybe puts off buying another property so s/he is in place to buy when the inevitable happens, or doesnt make plans, cant buy it as s/he has bought somewhere else ?

Perfectly fine to buy your siblings out, the end result is the same, you all get an equal share. Dunno why people are so coy about discussing this. It’s only sensible to discuss it now and let others know what your plans are.

Inheritance tax, payable before the estate is released, even with a watertight will, is 40% of anything over £325 000.

Df may need a care home, in which case the house will need to be sold to fund this. Many care homes (basic ones) are £1000 a week. When mil went into a specialist one, her house was sold to support her. We didn’t expect a penny, nor did we take anything from the house bar an ornament my dh made at school a thousand years ago.

Pointless being so repulsed by people discussing sensible financial plans for the future.

15% of people over 85 live in care homes (source, ONS). So while it's possible that your elderly parents may need to sell their home to pay for care, it's by no means a given.

An awful thing to happen blue. Hope your FIL is coping.

And favouritism is not good, really not.

To be honest... I'm the ones who want to talk to our kids about planning for when we're gone, but they don't want to, they just want us to enjoy our retirement and not talk about it... so we can't win

surely its about the same thing, OP wants to keep the house in the family, and maybe puts off buying another property so s/he is in place to buy when the inevitable happens, or doesnt make plans, cant buy it as s/he has bought somewhere else

We have no idea how old the OP is. How old the father is. What stage of life they are in

Also the OP doesn't own a home, so she won't be paying 2nd home tax. And unless her father lives in London she is unlikely to be paying inheritance tax. And talking about death doesn't make you die, or mean that you want your parents to hurry up and die, it's just sensible forward planning

Iht is up to almost a million these days (two allowances plus house allowance)

Well, it's something I've thought about and I'm not ashamed of that. My Mum is still alive and I wouldn't discuss it with her or my siblings but she talks a lot about her own death, her will etc. because my Dad died fairly recently and he'd had to live in a care home for a while so she's had to face a lot of practical realities already.

My parent's house is in a very convenient area. They bought it from new in the 70's so no one else has ever owned it. It would be hard to see it go.

However, while I love my parents' house I'm not sure that I would want to own it after they've both gone as I think I'd feel uncomfortable making any changes to it, as if I was somehow erasing their memories or disapproving of their choices. I think it would also be hard for my siblings. They would need to view the house in a different way; it wouldn't feel like theirs any more.

If one of my siblings wanted to buy the house I would agree to them doing so (at market rate) but I don't think I'd want to visit the house afterwards which would probably be okay as none of us see much of each other as it is.

I'm 65, DH is 72.

We have been trying to discuss this sort of stuff with our DCs for over a year.
They are the ones who can't face the fact that people die.

FWIW - my grannie was dead at 60, my mam at 62. DH's parents were 72 and 70 and his only auntie at 58. We both feel we are on borrowed time - aren't worried about it as such, but would like to get the details sorted to both suit them and us.

We have been trying to discuss this sort of stuff with our DCs for over a year.
They are the ones who can't face the fact that people die

Ditto

does anyone think op is returning ? i'd be interested to hear their input.

stormypaige according to another post is 21, possible.reason why she has gone awol

21?????

Ye gods. Her Dad could be 40!

It would be a very good idea, saving a lot of trouble for everyone too. I hope no-one objects when the time comes.

roussette says it all really

it's strange everyone has gone quiet know we now how old op actually is and yes,is bvu to her youngish father.

Fancy having this conversation when he isn't even dead. He should leave it to charity

Exactly paint I said it was crass and I was right. Even more so knowing how old the OP is, and the fact her DF is in his forties probably

I think we've gone quiet because it got boring, everything's been said.

It does seem ridiculous if her father's in his 40s, although I'm somewhat surprised at the assumption that the father of a 21 year old is in his 40s, everyone I know in their 40s has primary age children (I'm mid 40s and my youngest is 7), and I'd guess the parents of a 21 year old would be over 50. Which 8s still obviously too young to be expected to die!

I don't find it crass though, I think that's silly. Id always prefer everything out in the open because inheritance can cause problems and none of us know when our number will be up - including those of us in our 40s.

What it does seem is daft - if you're 21 with parents in their 50s your life plan shouldn't revolve around buying your siblings out of your parental home. Plenty of parents outlive their children sadly, and putting your home buying on hold to buy a sibling out of a property which might not be vacant until you're drawing your own pension would be ridiculous.

If I owned a property I wouldn't mind a frank discussion about what happened to it after I died though, despite being in my 40s. Better than squabbles and bitterness afterwards from the children I leave behind.