Legal Question in Wills and Trusts in New York
Inheritance and sale of home
Hello. Here is the situation. My grandfather owned a house. He died w/o a will and my grandmother continued to live in the house. My grandparents had 3 children. One of which was my father. My parents died when I was a child.
I was just contacted by an attorney saying that my grandmother sold her house in November and that I am entitled to 1/3 of my deceased fathers share. I assume it is 1/3 b/c my father had 3 children.
The attorney sent me some handwritten notes with a break down of the sale price, the cost of improvements over the years, and some other fees like brokerage and attorney fees.
I know I will have to file an amended tax return and a out of state tax return, so I contacted my accountant. She requested a settlement statement. The attorney said all she could provide were the notes.
Additionally, she said she could not send me the proceeds until I signed a quit claim deed.
Question: Does all this sound right? Should I hire an attorney? I don't have a relationship with that side of the family.
Thank you for your time.
2 Answers from Attorneys
Re: Inheritance and sale of home
It sounds off. As a beneficiary, you would not sign a deed. The deed would be signed by the executor or the administrator of the estate.
It may be beneficial to hire counsel. Feel free to contact my office to discuss further.
Mike.
Re: Inheritance and sale of home
I disagree with Michael, using my decades of experience with estates and real estate matters. Presuming there was no new Deed when your grandfather died, and there was no probate involving this real estate, there is no estate representaive appointed to sign on your behalf. Even if there were, I would require all parties in interest (i.e., all people having an interest in the property) sign the Deed, and also include, even if not technically required, all spouses of these people, to be sure all rights are exttinguished by the new Deed. In almost all real estate transactions a document called a HUD/RESPA Closing Statement is prepared, which shows all of the details of the transaction. I use this statement, coupled with my calculation of how the net proceeds to the Seller(s) are to be allocated/ and distributed. From your facts, you appear to be entitled to 1/18 of the net proceeds (1/2 of the property, being your grandfather's share, dividend by 3 (his 3 children), again divided by 3 (being your father's 3 children). Finally, for income tax purposes, you would have a basis for computing gair or loss of 1/18 of the date of death value when your grandfather died, and an acquisition date of his date of death. Presuming your share of the sale's price exceeds the basis, this would be considered long-term capital gain, reportable as such in the year of sale. If you need more information, contact me directly.
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