QLD Property relating to a will

[Ironmoose]

Hi
My mother who is still alive has left her home to my sister and i in her will 50/50.
My sister needed some money so mum transferred 47% of the title into her name so she could borrow against the equity in the home which our mother owned outright.
It has now come to light that she has borrowed over 85% of the value of the property.
My question is if mum passes away in the near future and the house is left to my sister and i 50/50 but there is a mortgage still owing of over 50% of the property value am i still entitled to 50% of the money and if so how would i be paid this, obviously when it sells the mortgage will need to be paid out leaving only 15% of the money left for myself. Will my sister be liable to pay the balance or do i have to accept the loss on the mortgage as mum co signed on the re-mortgage loan that my sister borrowed

 

[Tim W]

The question of title and the question of the debt are separate.
Much depends on what kind of financial product - a mortgage, a consumer loan secured by the house, a business loan, or what.
It can also matter who the borrower actually is.
This situation is complex (and increasingly common as more and more people get sucked into the great "unlock the equity" scam).
You (and your Mum) will need specialist legal advice without further delay.

 

[Ironmoose]

The question of title and the question of the debt are separate.
Much depends on what kind of financial product - a mortgage, a consumer loan secured by the house, a business loan, or what.
It can also matter who the borrower actually is.
This situation is complex (and increasingly common as more and more people get sucked into the great "unlock the equity" scam).
You (and your Mum) will need specialist legal advice without further delay.

That’s why I’m trying here, I’ve spoken to a few local will and estate firms who tell me this would be too complex for them, but can’t suggest who to talk to.
If it helps the product is a mortgage through the anz bank and without seeing any documents as of yet I believe the mortgage is in both my sister and mothers names.