[WSBAPT] estate pay costs of repairing home, making it marketable, where PR is purchaser?

[Philip N. Jones]

It would seem to be up to the other beneficiary.  If the other beneficiary consents, fine.  If not, it would be very risky to do it.
How will fair market value be determined?  If the value goes up due to the repairs, that might make a difference.
Phil Jones

Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 - office
(503) 853-1482 - cell
(503) 226-3574 - fax

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sharon Rutberg
Sent: Thursday, May 4, 2023 4:50 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] estate pay costs of repairing home, making it marketable, where PR is purchaser?

Hi, folks -

PR is a 50% beneficiary in an estate where the main asset is a house. It is worth about $1 million but needs basic work before being saleable - broken heat pump, bad roof, other issues. The PR wants to purchase the other beneficiary's share of the house and has the funds to do so. Acceptable to use estate funds to do the basic repairs to make the house marketable and then do the "sale" to the PR for fair market value?

Many thanks,
Sharon

Sharon C. Rutberg, Attorney at Law
Salmon Bay Law Group, PLLC
1734 NW Market St.
Seattle, WA 98107
206-735-3177, ext. 2
sharon at salmonbaylaw.com<mailto:sharon at salmonbaylaw.com>
Website: www.salmonbaylaw.com<http://www.salmonbaylaw.com/>
Washington State Bar #47055

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