Got part of my inhertance beforehand

[formetoo]

What is the name of your state? virginia
I got my father's house and land to take care of him. He moved out 5.5 years later to be on his own. The house was signed over to us like we bought it and no mention of it is in his will. It is legally in our name. He wants to give my siblings equal amounts of money that equals to the house and land he gave me. Even though this is not in the will I want to do what is right. What do I base the amount on? We put in over $15,000 to upgrade this house and will likely do more before he passes. Do we base the amount on the property tax amount from 5.5 years ago at the time it was given to us or at the time of his death?

 

[nextwife]

I have three sibs and something on a much smaller scale occured with two of us- we each were provided a certain amount toward our respective weddings , and sis has not yet needed it. We all understand that our payouts of any estate would first have our wedding monies deducted out of our two shares, that extra going to sis for when it is her turn (or whatever). It could be established in the will (or you and sibs can agree ) that the value of the house, at the time it was deeded to you, be deducted out of your share of the estate and split between other heirs.

 

[formetoo]

Well, none of us really get along that great and I am afraid after he passes they might get greedy. The house I got is not mentioned in the will. It just states that after a certian amount of money is divide between the 2 of them the rest will be divided between all 3 of us. I just want to be fair and want to know if they didn't think it was fair to use the property tax amount at the time it was giving to me thus decided to take me to court, what would happen? Thanks

 

[nextwife]

The house is not part of the estate. It was long ago gifted. The value at the time it is gifted is what is relevent, not at the time the giftor dies. And the will is what is relevent.

 

[JETX]

"What do I base the amount on?"
*** You don't. Simply, you have NO standing in this issue. Whatever your father decides to bequeath to ANYONE is simply his choice.

Personally, if he really wants to be far to all, he could simply put a provision in his will that at the time of his death you would have to have an appraisal done on the property. Deduct from the appraisal value for your PROVABLE 'improvements' to the property. The remaining amount would be the 'value' of your inheritance and be used to offset any other gifts.

 

[formetoo]

You haven't read what I wrote. I said that he gave me the property to take care of him. He never mentioned the property he gave me in the will. The will (yes, a lawyer done it and my father wanted me there when he had it done, so I know what is in it) states that they get X amount then after that amount we all divide it. But my family thinks that they will get equal amounts based on what my property is worth. I want to do the right thing and let them have that much but I feel it is fair to use the assesment at the time he gave it to me not after I have made improvements, etc. My question was legally am I right or do I have to base it on the time of death IF they want to take me to court over it? Hope you understand now. Thanks