What is the name of your state? NJ
My mom passed away in March, and left everything to be split 4 ways, between my 3 older sisters and me.
Mom owned 4 houses, and one vacant lot. My oldest sister is the executrix, and we plan on selling everything, and splitting it 4 ways.
BUT, my one sister wants to take one of moms houses as her inheratence, but she says that she is intittled to get it at the appraised value!
She sent me a copy from some book she found, and it says in there that "As executor you must value every asset at its fair market value." She insists that this means the appraised value, even though she had it appraised under the selling price.
Can someone please tell me, which is right, is the fair market value, what you could sell the house for? Or, is it equal to the appraised value?
Thanks~
Confussed in NJ!!!!
My mom passed away in March, and left everything to be split 4 ways, between my 3 older sisters and me.
Mom owned 4 houses, and one vacant lot. My oldest sister is the executrix, and we plan on selling everything, and splitting it 4 ways.
BUT, my one sister wants to take one of moms houses as her inheratence, but she says that she is intittled to get it at the appraised value!
She sent me a copy from some book she found, and it says in there that "As executor you must value every asset at its fair market value." She insists that this means the appraised value, even though she had it appraised under the selling price.
Can someone please tell me, which is right, is the fair market value, what you could sell the house for? Or, is it equal to the appraised value?
Thanks~
Confussed in NJ!!!!