[WSBAPT] Valuation of Real Property Owned by an Estate

[Eric Nelsen]

For purposes of valuing a distribution to the granddaughter, where other beneficiaries could be prejudiced if it's misvalued, I would get a certified appraisal. I never used assessed value for these situations.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Inge Fordham
Sent: Tuesday, November 3, 2020 2:16 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Valuation of Real Property Owned by an Estate

Colleagues:

In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary.  I now find myself dealing with a situation where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain.  It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.  How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value.  I have seen attorneys use both.  Is there a bright line rule?

Thank you,


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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>


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