Opinion ID: 901240
Heading Depth: 1
Heading Rank: 3

Heading: Rate of Interest Set as of Date of Death

Text: [¶ 11.] Dennis next argues that because the will provided for the lowest interest rate permitted by the Internal Revenue Service to avoid the imputed interest rule, the rate should have been 5.48 percent, set by the IRS sometime after Lawrence's death, and not the 5.98 percent rate in existence at the time of Lawrence's death. Given our holding that the trial court was correct in ruling that the date interest began to accrue was the date of Lawrence's death, it seems only logical that the rate of interest due would be set as of that date. Property devised under a will devolves at the time of death and the applicable rate of interest should fix at the same time. We are not persuaded by the argument that the trial court was bound to fix the lowest possible interest rate in existence at any time during the pendency of the estate proceedings. [¶ 12.] Affirmed. [¶ 13.] GILBERTSON, Chief Justice, and SABERS, ZINTER, and MEIERHENRY, Justices, concur.