Before my father married, he owned a home and a separate five-acre property that he rents out. They bought a second home after he married my stepmom. My dad had a large inheritance after my grandparents passed away. My dad used the money to pay off the current home so that he and his wife could retire in a comfortable manner. Property assets are over three million dollars. My stepmom was living on welfare before they married.
My stepmom has made my dad happy. She is giving a lot of money to her six surviving children and widow of the seventh, while complaining about a 20-year-old truck that my dad gave her. My sister-in-law, who provided a lot of money to my family, was diagnosed with a disease that left her unable to work.
If my dad dies before she does, she will do everything she can to make sure my kids inherit everything.
My brother couldn't keep up with their medical and mortgage bills. He paid for a truck to reduce tension with our stepmom. My stepmom is a good person, but she is selfish when it comes to her kids and has been unable to see any similarities between giving a truck and paying legal fees, house payments, vacations, and other things for her own kids. If my dad dies before she does, she will do everything she can to make sure her kids inherit everything.
She and my dad should live into their 90's. I hope to continue our relationship if my father dies before she does. We've tried to get them to put together a will, but have failed. It makes me sick to think that my step siblings will inherit our childhood home and extension property. Four of them are living in poverty caused by addiction and poor life choices, while the other two and the widow of the youngest are decent people. They would become nasty and selfish.
If he passed first, what rights do we have to stop her from taking everything? If the situation were reversed, my father would give for her children. What rights do we have if they don't put together a will?
In Utah, I was stressed out.
Don't read for fear. Don't read for fear. Don't read for unreasonable. There are multiple siblings and step-siblings involved in a potential war. People act out of fear when it comes to money and family. It doesn't excuse bad behavior but it can help us understand it and show compassion for those who are acting out.
The battle for a family estate is caused by old rivalries and resentments. $3 million is a lot of money, but it won't stretch as far as one might think between nine potential heirs and one widowed spouse, especially if the surviving spouse gives a greater share to his or her children. It depends on who goes first, your father or stepmother, especially in the absence of a will.
The second hand truck was a small gift. You know that it wasn't about the truck. It was a proxy for the battle Royale that your stepmother may see on the horizon, and it was also an opportunity to pull rank, test her power over her two step children and her husband. People get angry when they feel threatened. Your brother was the one who took the biggest hit.
Your stepmother lived on welfare when she met your father. She got back on her feet even if she did it through her relationship with your father. A psychological scar can be left by living through a period of financial inscrutable. She makes him happy and that's all. All children want for their parents and that is what parents want.
It would have been your father's property and he would have left it to your children. Your father poured money into the house he owned with your stepmother. All of the equity in that property is owned by them. If your father died without a will, your stepmother will inherit the first $75,000 of his property, and 50% of the rest.
She would inherit the property if your father and stepmother co-owned it. Other life- insurance policies may name her as a beneficiary, and they may also have joint ownership of some bank accounts. Being honest and transparent is the only way to have a conversation about inheritance. If you make a will now, it will save you later.
Parents don't want to leave a fight behind.
The best new ideas in money festival will be in New York. The president of the Charles Schwab Foundation will be joining us.
We look for answers to life's thorniest money issues in the Moneyist private group. Readers have a lot of questions to ask me. Tell me what you want to know or weigh in on the Moneyist columns.
The Moneyist can't reply to questions on his own.
Your questions will be published on MarketWatch. You agree that your story may be used in all media and platforms, including via third parties, if you submit your story to MarketWatch.
Also read.
I racked up tens of thousands of dollars in debt to help my son, and have not told my husband. I don't know how to get out of this mess.
My son lives with his dad and stepmom and he pays half of the bills. They exploit him. I don't know how to get him out.
My spouse and I bought a home, but he only wants to buy high end items. How can we come to an agreement?