[WSBAPT] Will - Formula - Sale of home to one beneficiary

[Neli Espe, J.D. - Olympic Legal]

Dear List-mates,

PCs (H & W) with three children. Main asset is the house. Wills to state that all assets go to surviving spouse, then to three children in equal shares. Pretty straightforward.

PCs want to include a provision in their Wills that once the survivor spouse passes away, one of their three children should be given the opportunity to buy the house at an easily ascertainable price.  They do not want the realtor commission and the appraisal fee. So, in their mind, they see a formula of Zillow estimate (their view of market price) minus 7% (approximate sales commission).

I have many problems with this approach and have discussed with them at length the proper ways for the PR to handle that matter when the time comes.

Nonetheless, they still want a clause in the wills that does something of this sort.

Any ideas?

Thanks,

Neli
___________________________________
   Neli Espe, J.D., Olympic Legal
                360.630.3635
2114 Commercial Ave., Anacortes
            olympiclegal.com<http://olympiclegal.com/>
     Estate & Business Planning
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