QUESTION
Do you go by laws when parent died or the year it is being divided if laws have changed?
Asked on Jul 12th, 2013 on Estate Planning - Missouri
More details to this question:
Parent dies and real estate is not divided until 10 years later. Do you go by laws when parent died or the year it is being divided if laws have changed? If it is 20 acres to be divided 50/50 Do you divide 10 acres/10 acres OR by value like 5 acres to 15 acres (due to the 5 acres appraised higher due to profit that can be made from selling trees for timber etc. and 15 acres just farm land) to get equal value?
8 ANSWERS
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Unless the parent's will has very specific directions, each of the two children inherits an undivided one-half interest in the whole 20 acres. The two devisees will then have to sell the property or decide on some division. This has not changed in 10 years.
Answered on Jul 24th, 2013 at 12:52 AM
2 Awards
The laws from the year the person died control the distribution of the estate.
Answered on Jul 24th, 2013 at 12:52 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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No, what you do is sell the property and split the proceeds 50/50.
Answered on Jul 24th, 2013 at 12:52 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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50/50 would be value at date of death.
Answered on Jul 24th, 2013 at 12:52 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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The laws in effect at tithe time of the passing will generally apply.
Answered on Jul 24th, 2013 at 12:52 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Ideally the land is sold and the money proceeds are divided equally any other division is at the option of the parties.
Answered on Jul 24th, 2013 at 12:52 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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You have asked this question already. I am not sure why the division would be different 10 years later than at the time of death. What change of law would change the distribution like that? I cannot think of anything that would have. If one of the beneficiaries has died, in the meantime, then more information would be needed.
Answered on Jul 24th, 2013 at 12:52 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You have to follow the laws in effect at the time of the person's death.
Answered on Jul 24th, 2013 at 12:51 AM