Q: My mom died 4-9-2016. She left a will stating that all is to be divided equally between my sister and i.
Her $700,000 townhome is paid for. My sister lives there year round...I live there 6 month out of the year. Do we have to go through probate? She had no creditors, and we want to keep the house. My sister and i have very little cash and cant afford probate lawyer. What kind of taxes do we have to pay? I heard it can cost approx. $16,000. just for lawyer..Do we have to get one? Are we going to lose out home? please help Laura
A: I'm sorry to hear of your loss. If the home was in your mother's name, then the only way to pass the property is through a probate action. If the only asset is the $700,000 townhouse, then the attorney's fees are set by statute at $17,000 and add on another $1,500 to $2,000 for court costs, publication, appraiser, etc. These fees are paid out of the estate, or if the estate doesn't have any cash, then the heirs can pay the fees.
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