Q: What is the best way to distribute a house from NJ probate when the other heir wants different estate assets?
A NJ Will calls for distribution of the total “residuary estate in equal shares” to two sons. One son seeks full ownership of the house while the other wants financial and personal property from estate assets equal to half the equalized value of the house. If the executor Distributes the house to both sons, one son could then Purchase the other share for half the equalized value but transfer taxes, lead and water tests are required. If the executor Distributes the house from probate to one son no transfer taxes or tests are required. Would a future title researcher question why both son were not included on the executor deed?
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