What steps are needed to finalize my mother’s and father’s estate/Wills?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 12 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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.