~One more question~

[lamb888]

What is the name of your state? New Jersey
My mother left behind not only the 3 houses and lot in NJ, but, also a home in VA on 2 acres.
Her will simply states that we (my 3 sisters and me) are to split it 4 ways.
One sister wants to take the home in VA, at the APPRAISED value, plus, money along with it. Is this the way it is done??? The rest of us are going to take our share, after moms estate is sold. So, it just doesn't seem fair to me, that my one sister gets the home in VA at the appraised value, and money along with it!
It seems to me that she should take it at the selling price, right????? That would be the fair thing to do.
Oh, I can't wait until this whole thing is over!!! !!!
What do you all think?

 

[anteater]

What is the name of your state? New Jersey
My mother left behind not only the 3 houses and lot in NJ, but, also a home in VA on 2 acres.
Her will simply states that we (my 3 sisters and me) are to split it 4 ways.
One sister wants to take the home in VA, at the APPRAISED value, plus, money along with it. Is this the way it is done??? The rest of us are going to take our share, after moms estate is sold. So, it just doesn't seem fair to me, that my one sister gets the home in VA at the appraised value, and money along with it!
It seems to me that she should take it at the selling price, right????? That would be the fair thing to do.
Oh, I can't wait until this whole thing is over!!! !!!
What do you all think?

What do you mean by "appraised" value? For property tax purposes? That value is often wildly different from market value. I would get an independent market value appraisal or two.... or maybe even three. With an estate the size that you are apparently talking about, the executor/administrator should be doing that anyway.

If the value of the retained VA property is more than 1/4 of the value of the estate to be distributed, then I would say that the sister keeping the VA house should fork over some money to the rest of you so that each of you receives 25% of the value of the amount distributed. On the other hand, if the value of the retained VA property is less than 25%, then sister should receive enough cash to bring her value of the estate distributed to 25% of the total. That means that y'all need to come to an agreement on the value of the VA property..... or y'all are going to have a "Battle of the Squabbling Squibblings."

 

[lamb888]

the appraised value~~~

by that i mean, she had an appraser come there, and had him low ball the value of the property, and, yes, it would be for tax purposes.
thanks so much for your reply, I'll be glad when this whole thing is over!!!