Legal Question in Wills and Trusts in Massachusetts
Hi,
I have been living in a house owned by my parents (now my mother as my father is deceased) with my husband and children for over 25 years. We pay rent and for maintenance and have put tens of thousands of dollars into the house over the years. My mother's will states that her estate will be divided int thirds with my two brothers upon her death. Concerning the value of the house, will the value of the house be deducted according to what it was worth when we moved in or now after the money and improvements we have put into it? Thank you!
2 Answers from Attorneys
The home will be valued at its market value as of date of death.
Thank you for your question.
The home will be valued, for purposes of administering the estate and making distributions of estate assets under the will, as of the date of death of the owner. We see situations like this all the time, and you should probably be prepared to buy out your brothers' interest in the home or move out so it can be sold.
If you have further questions, please do not hesitate to contact our office.
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