Legal Question in Wills and Trusts in Texas

Probate - property valuation

Would it be in good measure to have property valued at current market price? The property will be inhabited by 1/3 life estate spouse, but would like to have a current market price basis establshed to limit gains that would occur when full ownership transpires at death of the 1/3 life estate spouse. This would undoubtably cause an increase in property taxes and insurance that the 1/3 life estate spouse would be responsible for.


Asked on 12/05/07, 2:25 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Probate - property valuation

The increase in property taxes is why you shouldn't have it re-valued now. A better alternative would be a BPO (broker's price opinion) or an appraisal (which will cost around $500). Then file them away in case you need to prove up today's value. I have also used a report from www.zillow.com or www.tulia.com as evidence of value.

Read more
Answered on 12/05/07, 11:24 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Texas