‘Before they married, my stepmom was unemployed and living on welfare’: My father is worth $3 million, but my stepmom only looks out for her 6 children The Moneyist: 'For selfish, read fearful. For nasty, read fearful. For unreasonable, read fearful.'
Dear Quentin, Before my father married, he owned a home and a separate five-acre property that he currently rents out, as well as a small business. After he married my stepmom, they bought the second home that they currently live in. Two years ago, my grandparents passed away leaving my dad a significant inheritance. My dad used the money to pay off the current home and ensure a comfortable retirement for the both of them. Property assets are well over $3 million.
My brother, at the time, was barely able to keep up with their mortgage and medical bills. He’s since cut ties with our stepmom, and paid for the truck to reduce tension. My stepmom is a good person, but she’s selfish when it comes to her kids and has been unable to see any similarities between gifting the truck and paying legal fees, house payments, vacations, et cetera, for her own kids.
Old rivalries, past resentments and feelings of insecurity all play into the battle for a family estate. Of course, $3 million is a lot of money, but it won’t stretch as far as one might think between nine potential heirs and one widowed spouse, especially if the surviving spouse decides to give a greater share to his or her children. And as you rightly point out, the outcome could depend on who goes first — your father or your stepmother, especially in the absence of a will.
Inheritance is typically treated as separate property, and would have been your father’s to leave to his two children. However, whatever inheritance your father poured into the house he owns with your stepmother was commingled. They own that property together, and all the equity therein. Under the laws of intestacy in Utah, if your father died intestate — without a will — your stepmother would inherit the first $75,000 of his intestate property, and 50% of the balance.