Dear Quentin, My sister and her partner lost their home. You are in foreclosure. He’s going to move into my parents’ house, where he won’t pay rent. She claims the reason is to take care of our elderly parents. She is the worst with money and does not earn much. He has always borrowed money.
“‘There is no one-size-fits-all when it comes to children and who brings the family home.’ “- The Moneyist
In another scenario, a brother asked his brother to renounce any inheritance rights should he pass away before him. Her sister-in-law wondered if that was fair. I told her that the siblings should divide the house 50/50 and / or give the resident single brother a life estate, but since she had no financial concerns, I suggested that she give up her rights to the house. I tell you these stories because no situation is the same and my answers differ depending on the circumstances. There is no one-size-fits-all when it comes to children and who brings the family home. In this case, you have been warned. Keep a close eye on your sister, talk to your parents, and let them know that you are there to help. Given her sister’s history and current opinion on her parents’ will, assuming she knows there is a will, she makes a risky proposition as a power of attorney and executor. Talk to your parents about the reasons for their choices and at the very least suggest a co-executor and an independent party, such as a family attorney, as a power of attorney. A power of attorney is someone who must represent the wishes of the elderly relative, and an executor is someone who must be prepared to fulfill those wishes. Social media posts should be saved in case you need more evidence to challenge your sister’s role as executor of her parents’ will before or after their passing. Your sister has left the cards face up on the table. Now you must decide what to do with them. The Moneyist: ‘I cut his hair because he doesn’t pay for a haircut’: My billionaire husband is 90 years old. I have cared for him for 41 years, but it does not help my son. Hello MarketWatchers. Check out Moneyist’s private Facebook group US: FB, where we seek answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, on all media and platforms, including third parties.