[WSBAPT] Option for Heir to Buy Home from Estate

[Heather de Vrieze]

Giving the son the option to buy is the easy part. The hard part, and the necessary conversation with the client needs to be how to "price" the home. If it will be appraised value, who gets to pick the appraiser? Should son be given any discount for the fact that the estate would not need to hire a realtor and pay them a commission on sale? Maybe client would want assessed value to be used. The benefit of this is that it is a fixed value (as long as you specify "as assessed for payment of taxes in the year of my death" or similar).

Are there other assets such that the son can simply take the home as a portion of his share while other beneficiaries receive other estate assets, or will he need to pay the estate so that other beneficiaries get their share? Is the son the executor, or is someone else the executor? Are there conflicts or likely conflicts between beneficiaries. As always, the devil is in the details.

Heather

Heather S. de Vrieze
Attorney-at-Law
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3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jeff Davis
Sent: Friday, February 12, 2021 10:53 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Option for Heir to Buy Home from Estate

Listmates:

Client wants to grant a son, who is caring for her, the option to buy her house from the estate.  Do any of you have such a provision that you have included in Wills that you would be willing to share?

Jeff Davis

W. Jeff Davis, Esq.
BELL & DAVIS PLLC
P.O. Box 510
Sequim WA 98382
Phone No.:(360) 683.1129
Fax No.: (360) 683.1258
email: info at bellanddavispllc.com<mailto:info at bellanddavispllc.com>
www.bellanddavispllc.com<http://www.bellanddavispllc.com/>

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