Legal Question in Wills and Trusts in United States Virgin Islands
Claims against the estate
My fathers estate is in probate.I am his first son. My step-mother has made claims of mortgage, insurance, tax against the estate where SHE LIVES. I understand that she can not do this because she lives there. Why? What is the description of the reason why? The deed is in my fathers name and not my step mothers. Does this allow her to make a claim against the estate? She also claims his 34 year electrical buisness as worth zero. I have found an interview with a manufacturer where my father is quoted about the extent of his buisness from 20 months before his death. Can I use this to establish his buisness before the court? how else can I establish his buisness? My step-mother claims the mountain top residence where(he lived) she lives is worth 1/2 the value of the tax accessed value. A 1/2 acre property with multiple structures, rentals, and a 60K back up generator. How can I get the true value beyond the tax accessed value? She also claims that his personal belongings are worth $100 dollars. Is there a way to establish a real value?
2 Answers from Attorneys
Re: Claims against the estate
Dear sir:
It is unlikely that your step-mother can fully deduct the mortgage, insurance, and tax of the real estate where she lives.
You can hire a certified appraiser to conduct an analysis and appraisal of your father's business.
You can also have the value of the real estate appraised.
For additional information, email my office at [email protected].
Good luck,
Anthony S. Park
Re: Claims against the estate
Your questions and facts are a little confusing. If the estate is in probate, who is the executor or administrator? How did this person get appointed? If there was a Will, what did it provide as to how the estate was to be handled? Under NJ law, if a decedent was married and his house was the marital residence, the surviving spouse has a life estate in that house. This means that she can live there for as long as she desires. However, it does not mean that she lives there rent-free. Did the Will make any provision for who pays the daily household costs, like any mortgage, taxes, insurance, maintenance? If not, it has been poorly drafted and there may be a claim against the attorney who drew it. Thus, if a claim has ben raised for the estate to pay these bills, the estate may likewise be entitled to a fair rental of the property. Usually, the surviving spouse can live there, but must pay some bills. You have the right to an accounting and also to question appraisals of assets. Again, what did the Will say about who gets what assets. There may also be questions of possible estate/inheritance taxes, depending upon the total value of your father's estate. These potential taxes may have a bearing on how his widow is valuing the assets. Usually tax assessments have a county equalization ratio, which, when applied to the the assessed value is supposed to represent true value of real estate. If these numbers vary, after this calculation is made, you can always contact a local broker to get comparable values. There may be a small fee for this. Again, who is entitled to receive these properties? As I stated, more information is needed to give you better or more accurate answers.
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