Legal Question in Wills and Trusts in Virginia
My mother died intestate in 2001, & my two brothers & myself inherited her land & the mobile home on it, which at the time was valued at approx. $20,000. We never filed to put it in our names or anything, & one of my brothers just continued to live there. Do we have to pay inheritance and estate taxes, and if so, will it be on the value at the time of my mother's death, or on the current value, which is approx. 80,000? Will there be a penalty for not filing a "real estate affadavit?"
Also, can one heir decide they want to sell and be able therefore to force the others to sell even if they don't want to?
1 Answer from Attorneys
There would be no inheritance tax due but since your mother predeceased
the date of July 1, 2007, it's possible that some estate tax could be due,
based on the value of her estate assets as assessed at the time of her death.
There is no penalty for not filing filing an Affidavit of Heirship with the land
records section of the circuit court where the property is located but in
order to clearly establish you and your siblings' ownership of and title to this
property, this document should be filed as indicated above.
The answer to your final question is no, no such sale can be forced unless
the would be seller files a partition suit in the circuit court where the property is located and obtains from the court an order authorizing the sale of the property in lieu of partition.
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