QUESTION
If law has changed, do we divide by laws in place at time of death or laws in the year its being divided?
Asked on Jul 12th, 2013 on Estate Planning - Colorado
More details to this question:
Parent dies and the inheritance property is not divided until 10 years later. If it’s 20 acres, do we divide 10 acre and 10 acre or do we divide 5 acres and 15 acres by value? The 5 acre is appraised higher, due to timber.
9 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You divide the property by the terms of the will. You have to use the laws in effect at the time of death.
Answered on Jul 17th, 2013 at 12:19 AM
Likely, the family will not agree on how to divide the property. Not everyone will necessarily want a piece of the land. The property would have to be legally (zoning, etc) subdivided before the parcel can be divided. This will not be easy as some member of the family is likely to say. "I want this lot and not that lot." The answer will likely be a petition to the probate court to partition the property... i.e. sell it and divide the money. Money is easier to divide than the land. OR, you could form an agreement, have the property PROPERLY appraised, and then have one or two members buy the interest of the others.
Answered on Jul 16th, 2013 at 10:50 PM
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Use the law that was in place at the time of death. The values would be determined by the court.
Answered on Jul 15th, 2013 at 7:22 PM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Valuations are as of date of death.
Answered on Jul 15th, 2013 at 7:21 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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The law at time of death applies, but the procedure to carry out the distribution applies at time of division.
Answered on Jul 15th, 2013 at 7:21 PM
Thomas Edward Gates
It does not matter what time period you divide the property in. Rather, it's the method you chose. The beneficiaries, must decide on whether they want the property distributed by acreage or value. Once decided, you stick to this direction for all distributions. You could also harvest the timber and distribute the proceeds equally.
Answered on Jul 15th, 2013 at 7:21 PM
The division occurs under the law and circumstances at the time of death [but if the Will stated it should be an equal distribution and gives a certain portion of land to one and the rest to another and there is a change in the value then there might have to be a redistribution].
Answered on Jul 15th, 2013 at 7:21 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It would be done based on the laws at the time of death, unless the new laws provide otherwise.
Answered on Jul 15th, 2013 at 7:21 PM
The division, absent a full estate settlement agreement is pursuant to the law in place date of death.
Answered on Jul 15th, 2013 at 7:21 PM