My parents have always suggested that when they die their house will be divided between me and my two brothers. However they have signed as guarantors for loans my brothers have taken out. How will this affect me when my parents die, since they haven’t made a will?
If your brothers fail to repay the loans and the loan company calls on your parents for money while they are alive it will obviously affect the amount they have to leave. They ought perhaps to draw up a will to reflect this. Once both parents have died the administrator should refuse to distribute the estate until its guarantee liability has been released. This could be an effective way of ensuring that your brothers’ shares in the house proceeds are used to pay back their loan without recourse to your own share.