Inheritance or not
UPDATED: Oct 1, 2022
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Inheritance or not
Before my mom died she did a quit clam
deed to my sister only so she could get
the deed and sell the house to split
between the three of us the house sold a
month ago. If this is an inheritance
shouldn’t she split the money 3 ways and
we each pay a 3rd of taxes base on fair
market value of the house at time of
death. Is the fair market value what the
county says it’s worth or is it base on
sales of other house of same size in the
Asked on January 20, 2019 under Real Estate Law, Oklahoma
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 3 years ago | Contributor
It's not an inheritance--your sister is right. Regardless of what your mother intended, she gave the house to your sister while she (your mother) was still alive; her quitclaiming the home to your sister meant that house then belonged to your sister, not your mother, and so was not part of her estate. Neither the house nor the proceeds of it are inherited by anyone, since it is your sister's property. She can do with it whatever she likes. She can choose to give you and your other sibling if she wants, but she has to choose voluntarily to do that--you can't make her give you any part of the profit from her own property.
If she does choose to sell it, the value of the home and any profit is not based on abstract or hypotheticals, like the county's valuation or what comparable homes go for: it will based on what she actually sells it for, less any costs of sale and paying off any mortgages or liens,. If she sells it, she will have to pay the taxes on the sale, since she is the one profiting by selling her property. If she chose to give away any part of that profit, she'd bve gifting her own money to you and your other sibling.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.