My mother passed away in Dec. & I am the Executor in the will. I want to give the house to my brother. I just don't know how to go about it.
Estate Planning Attorney
You should have an attorney work this out. There are normally title and recording requirements as well as probate requirements. As far as price for accounting for your brothers share, the two of you can agree on this and have him sign a consent. As far as probate inventory fee requirements any reasonable valuation works in most jurisdictions and assessment based generally works. I would still consult an AZ attorney to transfer title.
It really depends on the details if the estate. Even when not required, an appraisal could be important to establish the basis of the property in the hands of the donee. Additionally, there are other issues that need to be analyzed to ensure the property is properly transferred. I would recommend you consult with an attorney regarding this matter.
THIS MESSAGE DOES NOT COSTITUTE LEGAL ADVICE, NOR DOES IT CREATE AN ATTORNEY-CLIENT RELATIONSHIP BETWEEN THE AUTHOR OF THIS MESSAGE AND ANY THIRD PARTY. IRS CIRCULAR 230 DISCLOSURE: TO ENSURE COMPLIANCE WITH IRS REQUIREMENTS, WE INFORM YOU THAT ANY U.S. FEDERAL TAX ADVICE CONTAINED IN THIS MESSAGE OR OTHERWISE RECEIVED FROM ALLING & JILLSON, LTD, IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING PENALTIES UNDER THE INTERNAL REVENUE CODE, OR PROMOTING, MARKETING, OR RECOMMENDING TO ANOTHER PARTY ANY TRANSACTION OR MATTER THAT IS CONTAINED IN THIS DOCUMENT OR IN ANY DOCUMENT APPENDED HERETO. YOU SHOULD CONSULT YOUR ACCOUNTANT OR TAX ADVISOR BEFORE TAKING ACTION ON INFORMATION CONTAINED IN OR APPENDED TO THIS COMMUNICATION.
I agree with my colleagues. What you need the valuation for matters. If you are trying to establish a price so that you can inventory the property for probate purposes, you normally can use two times SEV or the appraised value. If you are trying to establish a sales price, (If your brother is buying our your share), then an appraisal makes more sense. If you are simply giving your brother the house, I am not sure an appraisal is needed.
In any event, an attorney should be retained, in order to prepare the transfer deed to your brother.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!