What is 'fair' about 'Fair Market Value?'
Estate planning touches many areas of law and life, real estate being one of them. A person's home often is central to the wealth they transfer in their estate plan, wanting to direct actions to get the best value possible for their beneficiaries. So, enter the concept of 'fair market value', FMV.
The 'fair' in 'fair market value' refers to the conditions under which the price is established. Generally that the real property is sold on the open market, both buyer and seller have reasonable knowledge of that property, that both are acting in their own best interest, each are free of undue pressure to trade, and there is ample time to negotiate the terms of sale. That, in summary is the 'fair' of FMV.
A tale of 'weird wills' to entertain you … that of Luis Carlos de Nornha Cabral de Camarathe the lonely, childless, wealthy Portuguese who chose 70 people from the Lisbon phone book, complete strangers, to receive his estate. At his passing in 2001, merely 42 years old, these people each received a letter from his lawyers containing a check for several thousand euros each. Many thought this was a scam. No wonder.
Life is interesting – is it not?
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