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    pito2011's Avatar
    pito2011 Posts: 1, Reputation: 1
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    #1

    Aug 2, 2012, 06:36 PM
    Keeping assets from my dads estate
    My dad passed away a year ago and there are three heirs. My dad left one car and some cash in a bank account. I have decided to keep the car aand they agree this week.I will have to give up some of my cash inheritance to my other two siblings because I'm keeping the car which is an asset. It has been hell because we can't agree on anything. They feel that I should have to give up the value of car at the time of my dads death. The value has gone down since then so I feel it should be what the car is worth today. This will definetely keep the estate open for a long time if it can't be settled. Who's right?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Aug 2, 2012, 06:39 PM
    The probate court should advise on this. Has the car been in use?
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
    		  
    #3

    Aug 2, 2012, 06:42 PM
    Who's right? None of you. The cash value of an automobile can't have changed that much in one year.
    Certainly not worth the animosity that it is causing between you and your siblings. Settle it and move on.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Aug 2, 2012, 06:55 PM
    Why has the car greatly depreciated in a year? Was it brand new when the decedent died? Has it been used a lot since? Who has been using it primarily?

    • If the car has depreciated because all three of you have been using it, you should use present value to debit against your share of the estate.
    • If only one of you used it, value it as of the date of death, but debit the depreciation against the share of the person who used it.
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