What to do if my deceased parents willed the family home to my brother?
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What to do if my deceased parents willed the family home to my brother?
All other assets were to be divided equally among the 3 children. They all agree that the home should be sold and the proceeds divided equally. Since the home was willed to him, should he sell the home and give us a quarter share each or can he put the home back into the estate where it will go through probate and be divided equally? What are the tax consequences for each scenario? Is there a better option?
Asked on March 31, 2013 under Estate Planning, North Carolina
Answers:
Victor Waid / Law Office of Victor Waid
Answered 11 years ago | Contributor
Brother can sell the home and divide, but each portion will be a gift to the receiver, or he can change his mind and not divide the home, as the property is his by Will. The property will have to go through probate, as the will does not give him transferable title; only the court can via a probate proceeding. As to the tax ramifications, consult a CPA.
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