Bit of a long messy one here.My grandmother owns an apartment in Sydney worth about $500,000. She has two siblings. A daughter(My mother) and a distant son who has lives overseas who has never had much to do with my grandmother or my family here. My gran made her will in 2008 leaving majority of the apartment to my mother and a small percentage to her son overseas. A year ago he visited and the will was brought up where he found he was only getting a small part. When he returned back to his home country he bombarded my grandmother with phone calls every day putting pressure on her to change the will to give him half. At this stage my gran was diagnosed with dimentia and eventually she changed her will. Ever since he continues to interfere and try turn my grandmother against my family here.So because she was diagnosed with dimentia and had a distant relative exploiting here we decided to take her to the gaurdianship tribunal to have a legal guardian and financial manager appointed. So far they made me her legal gaurdian and we go back in a few months to have a financial manager appointed. They will most likely appoint myself, but it was adjourned as this distant son of hers wants to come for the meeting in person.My grandmother will soon have to go into a home as she deteriorates. The average bond for a home where we are is around $300k-$350k. In which being her financial manager ill have to sell her unit and the money will goto the home for the bond. This is what I want to know, if I sell my grandmothers unit, can I sell it to my family here cheaper than what its worth. For example ill sell it for $400K instead of its value of $500K? That way we can keep the apartment and the money will go to the home to pay for it. Then when my grandmother passes away and we get some of the bond back, the money remaining will be split between my mum and her distant half brother. But we will own the apartment.We've done everything legally except the distant son will have lost out about $50K because we sold the unit for $100K cheaper to ourselves.Any problems with this? Can that son potentially sue us if he finds out that we done that? If so would it be worth his time when its really not that much money he will be losing??
This is what I want to know, if I sell my grandmothers unit, can I sell it to my family here cheaper than what its worth. No, you can't. That would be a breach of fiduciary duty and the son who lives overseas could then apply to the Court for you to personally pay the shortfall difference out of your own assets.It would also provide grounds for him to contest your status as legal guardian.I'm sorry, and I wish I had better news for you.I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information.As such, if you are satisfied with my effort in answering your question, then I'll ask that you please provide positive feedback.
I did my law degree at the University of Queensland
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