My dad passed last year in the summer, RIP.
In the will, me and my brother were split down the middle. He left us a house which is worth 220K GBP minus 60K equity he took out to handle things.
My brother dealt with everything financially, he did an amazing job and wants to keep the house on. I'm more than happy he wants to do this but he's not exactly financially stable. He has a job but it's freelance. He's looking around for a solicitor to remortgage the home and pay back the 60K equity otherwise we will be bought out.
While I'm sure he can remortage the house, I'm not sure when, how or even if he can pay me back. Initially I was expecting the full handout as his ex-company were meant to buy him out but now they are stalling and he wants to take them to court. I was planning to reinvest that money in property but I think it's unlikely he'll be bought out now and if he wins in court, it won't likely be a lump sum, rather monthly installments.
Then there's the question of him completely renovating the whole house. He has ideas of taking out walls and such. He's also adding new windows and buying new stuff for his car. While these things are fine and he deserves to spend a bit given the harsh year we had last year, I'm a little concerned. I have every confidence he has every intention of paying me back but i've been told these things have there way of unravelling differently.
I definitely know he can't give me the full amount anymore but should I ask him to pay me back monthly once he gets back on his feet? What would you guys do? From a legal perspective, he was the executor and signed off on everything. Is my half of the house legally binding due to the will? If he decides he doesn't or can't pay me, should I just leave it be. My heart tells me to just let him get on with it and if he can pay me back, cool but my head (and wife) are telling me otherwise.