Q: At the time of the distribution (2004) of the assets of the deceased, the wife of the deceased wished to "take" a diamond belonging to the deceased by offering to pay the other heirs the market value of the diamond. The other heirs agreed, however the value was not known to the heirs. A few years later (2014) the widow wishes to pay the the heirs for that diamond.
a) Was the "taking" of the diamond by the widow at the date of distribution (2004) considered a valid sale to the heirs, considering the value was not known to the widow or the rest of the heirs at that stage ?
b)Which market value should she now pay the heirs on i.e. 2004 or 2014 if applicable?
