What steps are needed to finalize my mother’s and father’s estate/Wills?

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What steps are needed to finalize my mother’s and father’s estate/Wills?

Dad died 18 years ago; mom died just over a year. Their only Will states to give all to living spouse and then to give to the 3 kids of the marriage. The only thing of value in the estate, is the house($100,000), which I intend to buy. There will be no contesting of the Wills nor any arguments.

Asked on August 23, 2011 Iowa

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your loss.  Okay so the house was probably never transferred in to your Mother's name only, correct?  So you will need to probate the Will and supply a copy of your Father's death certificate as well.  Then whom ever is appointed as executor generally has the house appraised.  Then if you wish to but out your siblings you can either have the house transferred to all three of you by the executor or arrange for a purchase from the estate (less your share of the value).  There are tax implications either way and you should discuss them before you decide either.  The estate has tax returns to file on the value of the assets. How the transfer is structured may have personal tax implications for you.  Seek some guidance there.  Good luck. 


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