My Sister is Scamming My Dad
Hi Scott,
My dad has gone guarantor on a loan for my sister and her partner, so she could buy a property worth over $1 million. I know she has at least two other properties that dad probably does not know about; all of which she could have sold to overcome her "financial woes". She has been conning the family out of money for years. It is highly likely dad will not outlast the life of the loan. My question is: can the bank hold up the process of settling the estate because of the guarantor thing? Dad's plan was to evenly split his estate between all his children and give some to charity but there won't be anything left if my sister has her way!
Megan
Hi Megan,
To answer your question correctly, I’d need to read both the bank guarantee that your father signed, and his will. Yet that’s a job for a specialist estate planning lawyer, who can take into account all of these issues and plan your father’s wishes accordingly. The only problem is, a lot of men don’t like thinking about their wills (some believe it’s tempting fate).
So you need to give your old man a bit of motivation. If I were in your shoes, I’d give him the heads up: as it currently stands the reading of his will may resemble a scene from the Game Of Thrones. Gently explain to him that it will be much better if he sets everyone straight now once and for all … no matter what he decides to do with his money.
Scott