DEAR SOMEONE ELSE’S MOM: I grew up in a tight family, and I thought my sister and I were always treated fairly. Now we heard from our parents that they have had their wills done and have decided to leave the family home to my older sister and whatever cash assets are left to me.
This may not seem like a big deal, but the house is worth a lot more money than any savings my parents have, especially when you think how they may need to pay for medical expenses and long-term care, and things like that if anything happens to them down the road. My sister will still have something, and I will probably get a little, if any, cash.
Why would any parents do this? Doesn’t it seem unfair? --- NOT A FAIR DEAL
DEAR NOT A FAIR DEAL: Have you spoken to your parents about this arrangement? It’s possible there’s more fairness involved than you’re aware of. There could be retirement funds, life insurance, or other assets, which when combined, stack up favorably against the value of your parents’ home.
You’ve already considered the chance of medical expenses for your parents as they age chipping away at their savings, but the equity in their home is another potential asset that may be needed by them at some point in the future. So your sister’s eventual inheritance might not be as valuable as it currently appears.
I hope you’re able to make peace with this situation now, while your family is still intact. I’ve seen too many families torn up by issues like this, and often the damage could have been avoided if everyone took the time to try and understand the whole picture, rather than just their part of it.