My father owned a house worth £500k approx that passed to my step mother on his death.
She’s in a care home, the house is rented to cover her care.
I have 4 siblings, so, assume £100k each when DSM passes.
The dilema is, my niece has asked me if I’d be happy with her and bf living there when DSM passes & eventually buying it.
She is the only other grandchild,( I have 3 DS’s.)
Immediately I said “yes in principle as I’d love it to stay in the family but I have no real idea of the will/finances etc.”
But I’ve since found out:
I sibling said “I want you to buy me out”
2 siblings said “you take it, I don’t need anything” (they are both on benefits and a large sum would compromise that)
1 sibling said “actually I’d like to live there” (but lives on a minimum wage so I don’t know how she’d manage to finance it.
And the executor said “all children/ grandchildren need to be considered” because the reality is the house is very small on a very large plot of land and could be a great investment potential, so he’s considering the needs of my children. However, I will leave my children ££ of their own.
If you look at it on a purely “needs based” approach, my sister should have first dibs, as she is 50, still renting and on a minimum wage, but my niece will have more chance of raising money to buy us out.
Should I just stay out of it & let them figure it out?