[WSBAPT] net estate?

[Philip N. Jones]

A will speaks at the moment of death, so the value is determined at that time, not after repairs.
If the estate is paying for the repairs, then the answer probably cones out the same either way.
If the wife is paying for the repairs, and the estate is valued after the repairs, then she is making a gift to the other heirs.  Does she want to do that?  Seems unnecessary.
Phil Jones

Philip N. Jones
Duffy Kekel LLP
Portland, OR
pjones at duffykekel.com
(503) 226-1371

On Jul 16, 2020, at 12:25 PM, Krista MacLaren <kjm.inc at mac.com> wrote:

 Hi Folks,

I am representing a PR in her late husband’s estate.  The characterization of assets is a bit tricky in my mind at least - he had earned everything prior to their marriage, and he retired before they got married.  He did not add her name to anything, though he gave nearly everything to her in his will.  They were married just two years, but had lived together for 10.  I am viewing the assets as all his separate property.

In the will, he gave the residue of his estate .1% each to three people, and 99.7% to her.  At the time of his death, the house they lived in (his) was in serious disrepair.  The roof leaked, the foundation was dangerously cracked, the basement had flooded, it had never been painted in 40 years, original carpeting, etc.  She wants to stay in it, but if she had planned to sell it, I think she would have been told to fix the items I have listed.  She is fixing them now.  I am wondering whether I am on solid ground telling her that the estate value on which to calculate the gifts to the nieces and nephew is after all of those home fixing expenses?  I don’t really expect the relatives to make a fuss, but I do want to give her solid advice.  I have assumed it is appropriate to take the value after the expenses, because if the house were being sold, it would definitely have been fixed up before sale.

Thank you!

Krista J. MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116
kjm.inc at icloud.com<mailto:kjm.inc at icloud.com>

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