My Mom passed away in June of 2010. I am Alex Richardson. My brother Steve Richardson is the Trustee after her death. On the Trust it states that the Trustee shall divide the children's Trust into two equal shares, one share for each of the Grantor's two children Steve Richardson and Alex Richardson. Provided Alex Richardson is living at the Grantor's death and elects to receive the improved real property at [Address], the property shall be distributed to Alex Richardson as part of his distributive share. The property shall be valued at its net fair market value. In the event the net fair market value is greater than the share Steve Richardson receives, Alex Richardson shall pay such amount as required to equalize the difference in distributions between Steve Richardson and Alex Richardson not later than the tenth anniversary of the Grantor's death.
My Mom's attorney, who is currently representing my brother as Trustee, is insisting on an appraisal of the property to buy my brothers half of the property as soon as possible by getting a loan, which I cannot afford at this time. He stated if I do not cooperate it will work against my best interest.
My question is: If I do not agree to the appraisal at this time and I abide by the terms of the agreement to continue living in the house until the tenth anniversary of the Grantor's death, do they have any right to insist on having an appraisal to push me to get a loan at this time?
Is there any other reason they might be insisting on an appraisal at this time, other than to get a loan?
I would like to buy my brother's half of his share of the property when I can afford paying the monthly payments on a loan at such time, but my questions is, must I agree to having an appraisal at this time if I cannot afford a loan at this time?
Answer
An appraisal of the date of death value should be done regardless of whether you are buying your brother out now, later or not at all.
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