Legal Question in Wills and Trusts in Utah
As of what date is a prior gift of land valued that was given to one sibling 30
One brother was given an acre of ground 30 years ago. The other two brothers received nothing at that time. Now the parents have passed on and the present estate include a house situated on an acre of ground. As of what date should the first acre be valued? Effective date of 30 years ago, or with the same effective date as the house on the remaining acre is valued?
1 Answer from Attorneys
Re: As of what date is a prior gift of land valued that was given to one sibling
There are several things to consider. First the will, trust or other document must indicate that the gift 30 years ago was a specific portion of the inheritance for that child. The language of the document is critical. If there is no such document, then it is possible that a court would assume that it was a gift only, and not intended to be a part of the estate. If there is a document, and the document does not clarify how the valuation should be, and there is no other testimony to establish a benchmark, the gift would probably be valued at 2004 dollars or on the same basis as other estate property. You may call for a free consultation. 876-4422
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