Cedartown, GA asked in Real Estate Law and Elder Law for Georgia

Q: What are the financial repercussions/benefits of co-owning a home with my siblings?

My dad (75 yo) has cancer/parkinsons. We realized early on that we had to sell his 3 bedroom home because it no longer works for him. My sister has said that she now plans on using all of the money to buy a larger 5 bedroom home for her, her family, and my dad to live in and putting her, my brother, and myself on the title as co-owners. My siblings are not financially stable. My brother is going through a divorce and my sister is currently contemplating bankruptcy. My intuition is telling me to run for the hills. I should also note that I think she is trying to do this as a way of getting him more benefits because his name will not be on the title.

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1 Lawyer Answer
James Clifton
James Clifton
  • Estate Planning Lawyer
  • Fayetteville, GA
  • Licensed in Georgia

A: If you own a property jointly with anyone, their debts can attach to the property and severely jeopardize the ability to sell the property in the future. The situation you describe could end up as a gigantic mess. Schedule a free consultation to determine the best course of action to make sure you are protected.

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