Legal Question in Wills and Trusts in Ohio

executor wants to keep vacation house and buy out my share

my brothers and i were each left an equal share of our fathers estate. my brother, the executor,has decided to action all of the estate except for avacation home. He and my other brother said they would buy out my share. They plan to use the value given by the county for estate tax purposes. A realestate agent told me the market value is substantially larger. What value should be used for this purpose and how do I protect my interests?


Asked on 6/08/05, 9:40 pm

1 Answer from Attorneys
Daniel Dismuke Daniel K. Dismuke, Attorney at Law

Re: executor wants to keep vacation house and buy out my share

Fair Market Value should be used. Your real estate agent friend is right, the fair market value is substantially more than the county's value of the property. Usually the fair maket value is several times the value determined by the county.

First, don't accept any money from them and don't sign anything.

If the value is significant you may want to hire an attorney to protect your interests.

You may also want to make arrangments to have an appraiser view the property to get a better estimate of the fair market value.

Respectfully,

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Answered on 6/09/05, 3:24 am


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