Posted by Cochise on March 26, 2008 at 15:21:51:
In Reply to: Re: Stephen J. Vertin, mai, ai, The Farmer and the Tell posted by cochise on March 26, 2008 at 14:59:07:
1. Inheritable Estate
Started 1 month, 1 week ago (2008-02-18 19:38:00) by Zmcraney
Ok folks, I'm having a brain meltdown. Can somebody please tell me what the definition of inheritable estate is. I'm drawing a blank for the definition and I can't find it in USPAP or my handy dandy Appraisal Institute dictionary.
Size: 385 bytes
Customize:
2. RE: Inheritable Estate
Started 1 month, 1 week ago (2008-02-18 20:06:00) by Jennette Picinich
I could be wrong, but is'nt that the same as a fee simple estate?
Size: 104 bytes
Customize:
3. RE: Inheritable Estate
Started 1 month, 1 week ago (2008-02-18 20:15:00) by Zmcraney
Yes and no. The report I'm trying to finish up is for an estate and I would like to include the definition in the report to c.m.a. I swear this one term is gonna drive me to drinking.
Size: 222 bytes
Customize:
4. RE: Inheritable Estate
Started 1 month, 1 week ago (2008-02-18 20:31:00) by Stephen J. Vertin, MAI
I have never heard the term. However, the conditions in which the appraisal was ordered (loan, estate, taxes) should have little to do with the interest appraised. The interest appraised is based on encumbrances. If there are no leases that typically means fee simple. If there is a lease than leased fee. If there are various owners possibly partial interest, etc.
Size: 406 bytes
Customize:
Yea Vertin, MAI Good Answer! Why don't you learn to keep it shut when you don't know what your are talking about.
Arkansas Intestate Succession Laws
If any part of an Arkansas decedent's estate is not effectively disposed of by will, the intestate share will first be distributed in the following order and manner:
To the children of the intestate and the descendants of each child of the intestate who may have predeceased the intestate, which children and descendants will take per capita or per stirpes (as explained below).
If the intestate is survived by no descendant, to the intestate's surviving spouse unless the intestate and such surviving spouse had been continuously married less than three years next preceding the death of the intestate, in which event the surviving spouse will take merely fifty percent of the intestate's heritable estate.
If the intestate is survived by no descendant or spouse, to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one of them shall be living.
If the intestate is survived by no descendant, but is survived by a spouse to whom the intestate has been continuously married less than three years next preceding the death of the intestate, the entire portion of his or her heritable estate which does not pass to the surviving spouse under item 2 above shall pass to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one of them shall be living.
If the intestate is survived by no descendant or parent, then all of his or her heritable estate which under items 3 and 4 would have vested in intestate's surviving parent or parents will pass to intestate's brothers and sisters and the descendants of any brothers and sisters of intestate who may have predeceased the intestate, such brothers, sisters, and descendants taking per capita or per stirpes (as explained below).
If the intestate is survived by no descendant, then in respect to such portion of his or her heritable estate as does not pass under items 2 through 5 above, the inheriting class will be the surviving grandparents, uncles, and aunts of the intestate. In this situation, each surviving grandparent shall take the same share as each surviving uncle and aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal grandparent, uncle, or aunt shall take the same share as a paternal grandparent, uncle, or aunt and vice versa. If any uncle or aunt of the intestate shall predecease him, the descendants of such deceased uncle or aunt will take, per capita or per stirpes (as explained below) the share the decedent would have taken if he or she had survived the intestate.
If the intestate is survived by no descendant, then in respect to such portion of his or her estate as does not pass under above provisions, the inheriting class will be the surviving great grandparents and great uncles and great aunts of the intestate. In this situation, each surviving great grandparent shall take the same share as each surviving great uncle and great aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal great grandparent, great uncle, or great aunt shall take the same share as a paternal great grandparent, great uncle, or great aunt and vice versa. If any great uncle or great aunt shall predecease the intestate, the descendants of the decedent will take, per capita or per stirpes (as explained below) the share the decedent would have taken if he or she had survived the intestate.
If heirs capable of inheriting the entire heritable estate cannot be found within the inheriting classes outlined above, the real and personal property of the intestate, or the portion not passing under those provisions, shall pass as follows:
To the surviving spouse of the intestate, even though they had been married less than three years.
If there is no such surviving spouse, to the heirs, determined as of the date of the intestate's death, of the intestate's deceased spouse (meaning the spouse to whom the intestate was last married if there had been more than one marriage). However, in case a marriage was terminated by divorce, rather than by death, the heirs of the divorced spouse shall not inherit.
If there is no person capable of inheriting under the above two provisions, the estate shall go to the county where the decedent resided at death.
http://www.finance.cch.com/pops/c50s10d190_AR.asp