What to do if my wife’s father left some real estate to her, her brother and sister?

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What to do if my wife’s father left some real estate to her, her brother and sister?

He listed in the Will the estimated value of the property based on the state tax assessor value. Should they use that value to split the property between them or have the property appraised by a certified real estate appraiser? There is a difference of opinion on this between the 3 of them.

Asked on November 4, 2013 under Estate Planning, Alabama

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Under the laws of all states in this country, the Will needs to be probated and the property valued at the time of death of the wife's father. From there the beneficiaries can then take the value at death for buy out purposes.


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