Legal Question in Wills and Trusts in Iowa

my brothers and I (4) inherited our parents house. It was in our names for the past 10 years and our parents had life estate. My question is: I want to buy the house. They want 100,000 each. The house is probably worth 300,000. Assessed at 229,000. my husband says my 1/4 should come out of the price. Which would be 75,000 ea. Is this right or would i need to pay them ea 100K???

Asked on 10/05/13, 11:25 am

1 Answer from Attorneys

Lana Luhring Laird & Luhring

If your parents were alive you did not inherit the house but rather it was gifted to you and your brothers subject to the life estate. If your parents are still alive then you should be aware that they continue to have a life estate. If you want to buy the house the best way to approach matters and ensure fairness would be to have the property appraised. You would already own a 1/4 interest. You would agree on a price ... likely the appraised value and pay each of your brother's 1/4 of the purchase price. If you parents are gone you will need to file an affidavit to terminate the life estate to clear title. If you are considering spending this amount of money on a transaction it would be well worth you time to seek the advice of a competent lawyer and soon.

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Answered on 10/08/13, 7:44 pm

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