Q: How to value inherited property for probate in Michigan?
I inherited property from my father, who passed away in 2017. The property, jointly owned with his siblings, now has a buyer who is aware of the probate status. There was a will involved specifying how my share should be handled. I’m trying to figure out what my share is worth in order to start the probate process. Does my share get valued according to the terms specified in 2017 when my father passed or at the current sale price of the property?
A:
Was the property owned by your father, aunts and/or uncles as tenants in common? I presume so, or else the survivors would own the property and your father's share terminated.
The will may govern disposition of your father's interest in the property as a tenant in common, but it does not govern the division among the tenants in common and their respective successors. I believe that the actual sale price will determine how much there is to be divided between the owners, subject to owelty, meaning money that might be owed to one of the owners who has contributed to the property. Is the property located in Michigan?
An attorney answering this question will require more information.
A: The property valuation that is used is based upon the value of the home on the date of the decedent's death. To get the most accurate valuation for that date, you and your family should hire an appraiser—a licensed professional to give a scientific opinion on the home's value. Not a realtor, but an appraiser.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- (916) 704-3009
- View Profile
- Answered
A:
In Michigan, when valuing inherited property for probate, the property is typically valued based on its fair market value at the time of the decedent's death, which in your case is 2017. The fair market value is the price at which the property would have sold on the open market at that time. The probate process requires this valuation to determine the estate's worth and how assets, including your share, should be distributed according to the will.
However, if the property is now being sold, the sale price may reflect the current market value, which might be higher or lower than its value in 2017. While the sale price can provide a rough estimate of current value, your share should still be valued based on the 2017 market value for probate purposes, unless the estate's terms or the will provide otherwise.
If there are questions or concerns about the exact valuation process, it might be helpful to consult with an appraiser who can assess the property's value as of your father’s passing. This will ensure that you’re following the correct procedure for probate and receiving your fair share according to the will.
Justia Ask A Lawyer is a forum for consumers to get free answers to basic legal questions. Any information sent through Justia Ask A Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between Justia and you, or between any attorney who receives your information or responds to your questions and you, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask A Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises, or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
