Q: Is a date of death appraisal ever used with heirs who are disputing value when a house is in probate?
I was the partner of the deceased and also had a large financial investment in the home. The house was titled in both of our names, but unfortunately it was titled tenancy in common. I have approximately $300,000 invested and my late partner had approximately $5,000 invested. I would like to use a date of death appraisal, do I have legal ability to do so? I do have an attorney but I'm getting conflicting information, originally we were talking about unjust enrichment, I would like to try to negotiate as opposed to litigate
A: Nobody knows your case like your lawyer. If you don't agree with your lawyer's assessment.you are free to fire him.or her and find new counsel.
A: I am sorry for your loss on the passing of your partner, please accept my condolences at this difficult time. Normally a probate property should/must be appraised within 6 months of death. With both of your names on the property as 50/50 owners, your partners half will have to go through probate unless the deed states otherwise (which you have said it does not). If there is a Will that would be extremely helpful, otherwise you have to come up with a price (Fair Market Appraisal Value) and agree to sell the property or have one party buy the other party out for a reasonable and agreeable price. Getting an agreed upon appraiser and appraisal should not be so complicated to come up with a price. The other party still has to do a probate to establish their legal probate ownership interest. If you cannot reach agreement, then a forced partition will be the follow-up result, think time, effort and cost that can be saved by reaching amicable resolution or agreement on your own. Whether you are entitled to credit or additional share you can submit anything and negotiate possibly, but it is likely this is a 50/50 split ultimately. You will need to discuss additional details and provide more information but a probate attorney should be able to help you resolve this without litigation.
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