I got a ring from my mother's estate. Need to pay my brothers their share so I can keep it. How much?

Question

The insurance appraisal is about $3500. How much should I estimate is the retail or wholesale value so I can pay them off?

This is not a moral dilemma - the estate was to be split 4 ways. Everything liquidated and split equally. If any of us wanted anything, we could essentially buy it and pay the others for it. I'm just trying to figure out a fair price because I would like to keep the ring since I am the only girl.

This is not something up for debate. The will CLEARLY states that if one of us keeps something, we have to pay the others their share of the fair retail value. So I have to find out the retail value, and pay them each their share. The question is: HOW DO I FIND OUT THE RETAIL VALUE OF A PIECE OF JEWELRY? Take it to a jeweler? A pawn shop? HELP!

Answer 1

Insurance values are typically retail value + 10%. Subtract 10% from $3,500 = $3,250. Divide by 4 = $787.50. That is how much you must pay the other inheritors.

Answer 2

If the insurance appraisal is $3500, then you should pay each of your three brothers a fourth of that amount to keep the ring; the other fourth is presumably yours already, so that would not need to be paid. The ring would presumably not be an item for retail sale, as that is not the way estate items are generally sold; to pay them each their share of the insurance value seems to me to be a fair way to do this.

My sympathies on the loss of your mother.

Answer 3

If she said the ring was yours you do not need to pay your brothers a dime. If you took the ring after she died, your brothers should still feel like you deserve the ring. A womens ring is just that.

Answer 4

Probably take it to a reputable jewler and have them decide for you.

Answer 5

you pay whatever they are willing to take. no more than fair market value.