Blood is thicker then water. However, when it comes to money is involved the bond between siblings can turn ugly. The money include real estate, bank accounts, wills and whatever comes into mind, brother and sisters have fought over it. There are many scenarios in which money can break down the bond between siblings. For example, a joint account is shared by parent and one child. When a parent dies, the difficulties arises over the disposition of personal effects, another is the lending money to a family member.
Mr. Lim bought an apartment in his and his mother’s name. He paid for it and allowed his mother and his three siblings to live there. Mr. Lim was later allotted another apartment. As the housing rules clearly stated that he cannot own to apartment simultaneously. He moved to his new one and had housing authority transfer his hare in the first apartment to his mother by way of a gift, putting in her name. Mr. Lim understood that the arrangement was for the mother to occupy the apartment in her lifetime. He continued to allow his three siblings to stay there while he paid all the expenses and the mortgage installments. But when the mother died without a will, his three siblings asked the court to declare that they were beneficially entitled to the apartment. They claimed that this apartment belonged to the mother and should be distributed accordingly which meant they should have a share in any property or its sale. Ultimately the sale proceeds are shared equally among the four children but the relationship turned ugly.
Everyone in the family had expected the father to leave the 36,000 square feet in prime district bungalow to his favorite son even though his daughter lived there and looked after her dad. After the father made a will, the son told his sister that he would likely inherit the bungalow while she would be left out in the cold and was not entitled to public housing, He proposed an agreement: If one of them were to wholly inherit the bungalow, it would be shared equally between them. After the father died, it was found that he had left the bungalow to the daughter solely and not the favorite son. The daughter then sought to rescind the agreement with her brother. It was found that her brother had in fact secretly read the will and had realized that the bungalow was bequeathed to his sister solely. He then fraudulently induced the sister to sign this agreement on the pretext that it was to her benefit since it was likely that he would be the beneficiary. The sister won the case against the brother but the relationship is damaged.
It was an eventful two years. Madam Lin made a will appointing her son as the sole executor. She transferred her business to him and sold her property and also passed the sale proceeds to him as well. Madam Lim then amended her will giving everything to her son. After she died, the other siblings alleged that the transactions, the business transfer, the property sale and amended well were invalid as their mother did not have the mental capacity to carry out the decisions. The court ruled that the estate was to be distributed accordingly as if she had not made a will. The relationship between them is lost.
More than 10 years ago, this man died suddenly and left behind a large estate without a will. As he was single, his estate was distributed to his large group of siblings.
There were problems from selecting the legal representative to who would be the one legally heading the estate distribution. Relationships between the siblings soured, as some tried to lay their hands on more money. Mistrust also grew between some of the siblings who never got along well. The estate distribution was delayed because of disagreement.
Communication deteriorated and the parties soon used different lawyers to represent themselves. Siblings turned against one another and things came to a standstill. The estate was left untouched for many years. The private property was finally sold during the downturn period for at least one million less what it could have fetched earlier on.
The money was later distributed amid much animosity. Those annually Chinese New Year get-together became non-events and only one or two siblings visited each other.
Some did not even know when a sibling had died.
The long years of relationship can be destroyed with the presence of money; the love of money is the root of all the hurtful relationship.
The good thing in my family is that my father died without leaving much money and it goes without saying, my mother inherited this sum. What if my mother turn to sleep forever, don’t really know what will happen to our relationship. When the time comes, I hope it will be a most peaceful settlement or I hope that I will not be around to witness the ordeal. Well it will be a small sum as mum is not a wise steward.
Mr. Lim bought an apartment in his and his mother’s name. He paid for it and allowed his mother and his three siblings to live there. Mr. Lim was later allotted another apartment. As the housing rules clearly stated that he cannot own to apartment simultaneously. He moved to his new one and had housing authority transfer his hare in the first apartment to his mother by way of a gift, putting in her name. Mr. Lim understood that the arrangement was for the mother to occupy the apartment in her lifetime. He continued to allow his three siblings to stay there while he paid all the expenses and the mortgage installments. But when the mother died without a will, his three siblings asked the court to declare that they were beneficially entitled to the apartment. They claimed that this apartment belonged to the mother and should be distributed accordingly which meant they should have a share in any property or its sale. Ultimately the sale proceeds are shared equally among the four children but the relationship turned ugly.
Everyone in the family had expected the father to leave the 36,000 square feet in prime district bungalow to his favorite son even though his daughter lived there and looked after her dad. After the father made a will, the son told his sister that he would likely inherit the bungalow while she would be left out in the cold and was not entitled to public housing, He proposed an agreement: If one of them were to wholly inherit the bungalow, it would be shared equally between them. After the father died, it was found that he had left the bungalow to the daughter solely and not the favorite son. The daughter then sought to rescind the agreement with her brother. It was found that her brother had in fact secretly read the will and had realized that the bungalow was bequeathed to his sister solely. He then fraudulently induced the sister to sign this agreement on the pretext that it was to her benefit since it was likely that he would be the beneficiary. The sister won the case against the brother but the relationship is damaged.
It was an eventful two years. Madam Lin made a will appointing her son as the sole executor. She transferred her business to him and sold her property and also passed the sale proceeds to him as well. Madam Lim then amended her will giving everything to her son. After she died, the other siblings alleged that the transactions, the business transfer, the property sale and amended well were invalid as their mother did not have the mental capacity to carry out the decisions. The court ruled that the estate was to be distributed accordingly as if she had not made a will. The relationship between them is lost.
More than 10 years ago, this man died suddenly and left behind a large estate without a will. As he was single, his estate was distributed to his large group of siblings.
There were problems from selecting the legal representative to who would be the one legally heading the estate distribution. Relationships between the siblings soured, as some tried to lay their hands on more money. Mistrust also grew between some of the siblings who never got along well. The estate distribution was delayed because of disagreement.
Communication deteriorated and the parties soon used different lawyers to represent themselves. Siblings turned against one another and things came to a standstill. The estate was left untouched for many years. The private property was finally sold during the downturn period for at least one million less what it could have fetched earlier on.
The money was later distributed amid much animosity. Those annually Chinese New Year get-together became non-events and only one or two siblings visited each other.
Some did not even know when a sibling had died.
The long years of relationship can be destroyed with the presence of money; the love of money is the root of all the hurtful relationship.
The good thing in my family is that my father died without leaving much money and it goes without saying, my mother inherited this sum. What if my mother turn to sleep forever, don’t really know what will happen to our relationship. When the time comes, I hope it will be a most peaceful settlement or I hope that I will not be around to witness the ordeal. Well it will be a small sum as mum is not a wise steward.
.JPG)
