"In the case between Perry and Westcott, which has been going on since 2020, Perry was understood to have purchased the Montecito home belonging to the 85-year-old 1-800-Flowers founder for $15 million, only for him to rescind the deal days later, claiming he was mentally incapacitated. However, the judge ruled that "Westcott presented no persuasive evidence that he lacked capacity to enter into a real estate contract...""
"But the same may not be able to be said about other baby boomers-who own 41% of U.S. homes-age, with have families who may face similar high-stakes property disputes over family homes without clear legal guidance. To be clear, Perry's legal battle did not involve a family home nor a claim of inheritance, but Westcott's position as an elderly homeowner spotlights the importance of adult children being engaged in real estate decisions with their folks."
An 85-year-old homeowner rescinded a $15 million sale days after signing, claiming mental incapacity, while a judge found no persuasive evidence of incapacity and described the signer as coherent and rational. The case underscores how contested capacity can trigger major real estate disputes for elderly homeowners. Baby boomers own a large share of U.S. homes, increasing potential for family conflicts over property decisions. Adult children being engaged in real estate choices can help prevent disputes. Early estate planning and clear legal guidance are crucial to avoid high-stakes conflicts over homes.
Read at SFGATE
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