Rights for Sharing Second Home

Situation: My mom and I(daughter) are exploring the idea of buying a vacationing home 50/50. It will be a second home for me (equity loan) and a first home for my mom. i have a family of my own. I have two brothers (single) and they live with my mom. Mom mom expressed that she would leave a will so the her 50% share will be left for my brothers to inherit 25/25.

My will states my share of everything will go to my husband/children to inherite from me.

Please give me a snapshot senario of what would be the legal Rights as far as who gains from property resale or rental? Also, is there any other senario I should be leary off?

Please reply.

Don’t put yourself in the deed/title as a joint tenant, because if you die, it could all go to her. The better way is to put the deed/title as tenants in common, where you can specify what percentage each owner shares, and after a death, the heirs will get the share coming to them. How the property is designated by the deed takes precedent over any will.

I’ve heard many stories like yours where plans go wrong years later. Who is going to pay insurance and taxes? I STRONGLY suggest that you talk with an attorney and get an agreement in advance as to who is paying what costs, and what would happen if your mother defaults on her share of the payment and expenses. Most people want to believe that nothing wrong will happen, yet it can and does.