Can a property be inherited jointly by siblings?
While inheritances are generally divided so that each beneficiary gets property they own outright, some pieces of property can be transferred so that siblings own the assets jointly. For example, a family home might be inherited jointly by siblings.
Can a brother and sister share an inheritance?
Although sibling rivalries can be difficult at the best of times, sharing an inheritance between brothers and sisters can be incredibly difficult. While inheritances are generally divided so that each beneficiary gets property they own outright, some pieces of property can be transferred so that siblings own the assets jointly.
Why do siblings have different expectations of inheritance?
Differing perceptions of what each sibling has “earned” can create very different expectations. A common scenario is when one child has done the lion’s share of the work taking care of an aging parent and assumes that he or she will receive the corresponding share of the inheritance.
What to do about sibling rivalry over inheritance?
This is the first in a two-part series about the realities of and remedies for sibling rivalry over family inheritance. The 2nd part in the series “ How to Keep the Kids from Fighting Over Their Inheritance ” provides tips on how to avoid these kinds of conflicts.
What kind of property do siblings jointly inherit?
The most common type of property siblings jointly inherit is a house, which complicates matters since physically dividing a house doesn’t make much sense if the siblings are not planning to reside in the house together. Some siblings may prefer to sell the home while their other siblings prefer to keep the home in the family.
How does sibling rivalry affect a parent’s estate?
Sibling rivalry and fears that mom liked one child best are often played out after a parent dies and it’s time to divide up the assets in a parent’s estate. Sibling disputes can result in lengthy and expensive legal actions.
How to prevent siblings from fighting over inheritance?
Put the slips in a hat, and then siblings can take turns drawing the slips until the hat is empty. Parents usually know whether their children are likely to fight over their inheritance and should take action to prevent conflicts after their death. Whatever a parent decides, review actions from time to time.
When do siblings lay claim to the same assets and cannot agree?
When siblings lay claim to the same assets and cannot agree, one option is to sell the assets and split the proceeds. Siblings can decline an appointment as executor or trustee so that someone else can be the fiduciary and make decisions on asset distributions. If siblings are named as fiduciaries, they need to formally decline the appointment.
