Q: will splits property 50/50 with my bro but than sets value of her farm at a low rate gives bro right of 1st refusal
Can my Mother set the value at an unrealistic low price of her property and give my brother right of first refusal when the actual value is about 3 times that value? Or if he is not around gives his wife that same right. Can this be contested to show actual market value of the property?
A: It is unclear from this summary if this is a Will and a separate agreement which is a combination of a sale and gift, or if this is all set forth in a Will. In general there is nothing wrong with a partial sale/partial gift, but as you have described it there are a lot of questions regarding if there are other provisions to equalize the estate if your brother exercises the right, who pays the inheritance taxes on the value of the property, etc. since your Mother expressed an intent for the estate to be split 50/50. You would definitely want to have this reviewed by an attorney on your behalf.
A:
A lawyer would have to review the Will. If it appears that your mother was trying to benefit your brother by giving him an option to buy at a very low price, she can certainly do that. On the other hand, if there was undue influence or she made a mistake, the Will might be challenged.
There are not enough facts here to answer this question more fully.
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