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.
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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.
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