How is inherited property in need of repair handled?
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How is inherited property in need of repair handled?
There are 6 siblings; 3 executed a quit claim deed and signed over their share to a fourth sibling; 2 will not sign. A sibling has and will continue to live in the home. It is valued at $47,500 however there are $22,500 in needed repairs (roof, foundation, etc). Is this amount deducted from the value of the home and then divided among 6? Parents died intestate 4 years ago.
Asked on May 1, 2012 under Estate Planning, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to answer your question is to carefully read the terms and conditions of the Will or Trust of your parents to see what it states as to the issues of any repairs to the home that is gifted. If the Will or Trust is silent regarding repairs to the home, then the home is gifted to the person or person receiving such without any repairs being made to it.
If the home is valued at $47,500 in its condition with needed repairs, then the $22,500 needed repairs is not deducted from its appraised value. You need to rely on what the appraiser states as to the appraised value of the home.
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