Legal Question in Wills and Trusts in Virginia

Property Inheritance

Hi I've written before. Thanks for that answer. I wish to now ask, once property is appraised & some want to keep it, and some just want the cash from the property, what determines how much those who want to keep the property have to pay those who want the cash value? Thank you for your help once again.


Asked on 7/09/07, 6:40 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Property Inheritance

Those who want the cash, would be entitled to their share of the fair market value of the property(which presumably would be what it was appraised for) based upon their respective ownership interests in the property.

Example: Two married people own a house together and one wishes to sell and the other to retain. The house is appraised and the fair market value determined to be $500K. The one who wants the cash would be entitled to one half of this value/sale proceeds based upon his or her one half ownership interest in the property or $250K.

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Answered on 7/09/07, 10:41 am


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