What should you do when you inherit a house or property after the death of a loved one? This blog post will talk about what steps to take when you inherit a house or property. It will also discuss probate, which is the process that allows an estate to be settled, and what are the best ways of selling your inherited property.
Dealing with the loss of a family member and the challenges that arise when you inherit a house or property is hard. However, as long as you are prepared for what to do and where to go from here, it can be easier than expected.
The first step when dealing with inheritance will be contacting the probate court in your state of residence if there was no last Will and Testament written by your loved one who passed away. For example, some states require all estates worth more than $100K to file their date through probate while others only have this requirement when assets exceed $500K (2018). After making sure that everything has been filed correctly at the courthouse, you might then want to contact an estate attorney; they should help make decisions about how best to deal with any estate details and or issues.
1) Communication with Family Members
During this process, there could be other family members that are also heirs to the property. It is important to work with them in order to decide how best to handle the property. Communication can be done through email or phone calls, though it is recommended that you speak in person if possible.
There could also have been other family members who were not prepared for this inheritance and may need guidance on what steps they should take next. There are a number of agencies ready to help people learn about their options following an estate. Be kind; many people will go into shock after hearing news like this and may need your compassion during such difficult times!
*You might want the assistance of an attorney here as well.* Keep reading below for more tips on what to do when inheriting a house or property from someone!
2) The Probate Process
Most people don’t understand what the probate process is and how to get a property ready to be sold once you inherit it. If you are the beneficiary of an inheritance, it’s important to know what steps you need to take in order to get your property ready for sale.
In most cases, probate will be a required process before any legal decisions can be made involving the estate or property. The first step is determining whether or not there was a will and if so making sure that all beneficiaries and heirs are identified as well as their relationship with the deceased. If there wasn’t a written last testamentary document then the next up would probably be opening things up by filing documents like letters of administration with local courts who have jurisdiction over where this home sits on land.
The executor should also initiate contact with banks which may hold mortgages against properties and other creditors. This process MUST be complete prior to trying to sell an inherited property.
3) The Executor of The Estate
The most important role is the executor of the estate. They are responsible for the probate process and making sure that all assets of an estate are accounted for.
Executors can either be named in a will or appointed by courts depending on how it is handled with this situation. The executor may also be family members, friends, or attorneys who specialize in these types of matters. Executor’s duties vary as they have to make important decisions about what to do with the property which includes selling an inherited home if necessary. If there was no written wish from the deceased then you would need to go through court processes like filing letters of administration which should include any heirs too so their interests are protected during proceedings.
This person must decide whether they want to try and sell the house themselves with a local house buying company like Philly Home Investor or work with a local real estate agent. Both have pros and cons.
4) Financial Costs
It’s very important to understand the financial costs associated with inheriting a home or property. Most times we find that there is still money owed for the property including back taxes, previous mortgage balance, or potential liens on the property.
In passing on a house or property to an heir, they inherit all the costs associated with it. They will need to pay for the probate administration, which is usually handled by a lawyer who would cost about $2000 in most cases plus any debts that may be owed like tax payments and utility bills. It’s important to understand what you’re signing up for before you decide if inheriting your family home from a loved one is right for you.
Aside from the financial considerations of taking over ownership of a new property, there can also be emotional consequences as well when dealing with such profound loss. This can be the most stressful part for sure.
5) Hold or Sell
Deciding whether or not to hold onto the property or sell it can be a difficult decision. It may depend on the circumstances of the inheritance and what you want for your future, but it’s important to have all the available information before making this big decision.
What if we sell? The selling process can be equally as stressful depending on how much work is involved in listing and marketing the property-which could mean spending thousands of dollars that might not even return more than just break-even value. Relying solely on an agent will take away from the valuable personal time needed to grieve or recover emotionally which is especially true if there are children who need extra attention during this transitional period. On one hand, some people will find peace knowing they’re moving forward by finding their own place while others may feel like they’ve done much more work and won’t let it go so easily.
On the other hand, if the property needs a lot of work it might be best to work with a local home buying company like Philly Home Investor that specializes in purchasing homes quickly and in “as-is” condition. The last thing you want to deal with is making repairs on a property that could cost thousands and thousands of dollars to make. Philly Home Investor also has an in-house attorney that deals with probates only and can speed up the process for anyone that doesn’t understand how the probate process works.
Contact us today and Get A Free Cash Offer on your inherited home or property today!