Legal Question in Wills and Trusts in Virginia
I was named in a friends will as receiving !/3 of his Real-Estate and personal property. There are only 3 of us named in it. My friend has a vehicle that the other 2 are not interested in. I need to know if I am to pay the estate the whole value of the vehicle and then at the end , Do I get 1/3 of my money back, since I already own 1/3, or do I pay the estate the value and the other 2 get the same dollar amount at the end off of the total amount off the top when the real estate is sold?Also if any of us 3 want to have a certain item that belonged to my friend, say an item is appraised at $400.00, Do the other 2 get $400.00 payed to them at the end of the estate sale from the estate?
1 Answer from Attorneys
Whoever the executor of the estate is the one to decide; the simplest way would probably be for you to pay to the estate two-thirds of the fair market value of the vehicle and whatever other
property in the will that is going to end up with you as the sole owner thereof.
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