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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 54021
Experience:  29 years of experience practicing law, including tax and estate planning.
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Parent died Sept 1st. 3 siblings appointed executors. I am

Customer Question

Parent died Sept 1st. 3 siblings appointed executors. I am not a executor. My share of the estate is 14%(including 1% for 4 kids) A house is part of the estate. The house has some need of fixing up. Recent appraisal in the $425k range. Trulia value at $533k. Three siblings want to purchase the house at the $425 less their share 48%. What strategies are available to me to move the value higher to maximize my inheritance. Estate is entirely in New Jersey.
Submitted: 12 months ago.
Category: Estate Law
Expert:  Richard replied 12 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

You can discount the appraisal based on the fact that it is simply an opinion of one appraiser and commissioned at the direction of someone who wanted the value to be low. The "MAI" designation for appraisers is jokingly referred to as "Made As Instructed" not without basis. Depending upon who commissions the appraisal, the value can vary considerably. The best way to determine value is to actually list the property. Appraisers are neither buyers or sellers; rather, they simply guess what the property would sell for given a willing buyer and willing seller. So, why not list it to get the real value of what a buyer might pay and be sure to exclude family members from the listing agreement so you can always decide to let the siblings purchase it. Also, the executors have a fiduciary duty to all beneficiaries and if they are making a sweetheart deal to a few beneficiaries to the detriment of others, then they are breaching their fiduciary duty. You can insist in court that if the beneficiaries cannot agree that the executors distribute the property to the beneficiaries in undivided ownership interests in which case all the owners would then have to agree or the court will order the property listed and sold.

Expert:  Richard replied 12 months ago.

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