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

Tue Oct 11 10:53:47 PDT 2022

I agree that assessed value with a multiplier (or not) is a clearer arbitrary value for such purposes, but it is still important to be specific whether they want to use value for taxes assessed in the year of death, or the new valuation for the year of death, for the following year's taxes.

Heather

Heather S. de Vrieze
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Joshua McKarcher
Sent: Tuesday, October 11, 2022 10:09 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Will - Formula - Sale of home to one beneficiary

Indeed. Consider using county assessment value times some multiplier IF they feel the county assessment value has been reasonably level for some period of time, etc. etc. Or something like that. This is doable, just make PR or trustee final arbiter of calculation etc. etc. Or provide an option for 2+ siblings who want to buy to put in their "bids" by some process the PR establishes or whatever. If the provision is a good "rulebook" these can work. Good luck! Best, Josh

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Philip N. Jones
Sent: Tuesday, October 11, 2022 10:44 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Will - Formula - Sale of home to one beneficiary

Give them what they want.  But be specific.  Is it the Zillow estimate on the date of death?  The very next day, that value might be gone.  Is it the Zillow estimate a week later?  Or a month later?  Should an alternate method be listed in case Zillow goes out of business.  Try to think of every possible outcome.
Phil Jones

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> on behalf of Neli Espe, J.D. - Olympic Legal <neli at olympiclegal.com<mailto:neli at olympiclegal.com>>
Sent: Tuesday, October 11, 2022 6:12:03 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Will - Formula - Sale of home to one beneficiary

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
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