Did you inherit property from a deceased loved one? While some may see an inherited home as a gift, others may see it as a burden.
If you’re a baby boomer, don’t be surprised if you’re one of these people. Boomers are expected to inherit $27 trillion worth of assets over the next four decades.
What should you do if you inherit a house? It may not be a bad idea to move in, especially if you’re renting or don’t have permanent ties to another resident. But for many people, selling an inherited house is the best option.
Here are three real-life scenarios about selling deceased estate property and other useful information to know.
Selling Deceased Estate Property: 3 Stories That Prove It’s a Good Idea
Dealing with the death of a loved one is difficult as it is. So deciding what to do with their house is daunting. Here are three common stories that prove you should sell off their home.
1. You Gained the House Because of an Intestate Probate
During the probate process, there are times when you’re legally the next heir to inherit a house. This is determined by your state’s intestacy laws.
The only exception is if the property owner specifically stated someone is a beneficiary of their property. But there are times a beneficiary isn’t listed and the state uses the intestacy laws to determine the property owner.
Most states leave the surviving spouse as the main beneficiary. If there’s no spouse, the next in line is either their children or grandchildren. If the deceased doesn’t have any children, their parents are next, followed by their siblings.
What’s the issue in inheriting a home through intestacy probate? You may not expect the inheritance.
Ideally, a loved one who is expecting death can discuss passing on assets to their loved one before they pass.
If they’re not the ones who discuss these matters, their executor or lawyer or other personnel can discuss your inheritance so you can plan on what to do with the assets.
If you weren’t planning on inheriting their property, you could be unsure of your next steps. Selling the property is often the best course of action.
2. You Have to Attend Probate Court to Gain Ownership
Probate takes a long time. The beneficiaries have to file a court date 90 days after they have been notified of their inheritance.
And beneficiaries usually don’t receive their payout or the title transfer until four months after their court date—sometimes even as long as eight months.
Keep in mind, the probate court isn’t always required. It depends on how the deceased set up their inheritance before their death.
But if you do have to attend court, selling the home can help you avoid the court process. This is convenient if you don’t want to keep the house in the first place.
Keep in mind, it’s best to find a realtor with experience selling the property during the probate process.
You’ll have to endure home inspections, pay legal fees, and handle various other responsibilities that are different from a traditional home sale.
An experienced realtor or home buyer can help support you during this process.
3. You’re the Executor
Let’s say you’re not the heir but are the executor to a deceased’s estate. What if there are no beneficiaries or no specific beneficiaries? The executor can make the decision to sell the property.
If there are no beneficiaries, selling the home is the best course of action. If there were no specific beneficiaries and the state named an heir who declined the home, the next family member in line will be able to inherit the home.
If there are no other beneficiaries, the executor may have no choice but to sell the home.
This process differs between each state. The executor can usually only sell the property if they were given permission by the probate court.
In addition, selling the home may have been the wish of the deceased.
If this is the case, the executor may be able to avoid probate court. Keep in mind, an executor can only avoid probate court in this scenario if the deceased developed a trust or other legal means of wishing the executor sells the home.
What About Personal Belongings?
The home itself is not your only concern when selling the home. What should you do with all of the deceased’s personal belongings? This depends on every situation.
Right next to the home, the other important asset the deceased can leave behind is the car. If you want to drive the car, you can change the title so you’re the owner of the car. If not, you can sell the car.
But owning the car may not always be an option. For example, the deceased may still have a contractual agreement to the car, such as a loan. This makes selling the car more complicated.
And then there are the other belongings you have to worry about—furniture, clothing, and personal mementos the deceased left behind.
What to do with these belongings depends on your situation. You may want to give furniture, clothing, goods, and other valuables to family.
If no one is interested in these goods, you can donate them. Certain goods such as new furniture or nice clothing can be sold to second-hand stores.
Another option is to sell the home as is. While the executor is still responsible for personal goods such as clothing, you may be able to attract buyers who want to buy a house with furniture.
A realtor or home buyer may also be willing to buy a home as is with furniture.
Are You Selling an Inherited Home in Colorado Springs?
There are times when selling deceased estate property is your best option. But how should you go about selling your inherited property? It’s integral to find someone experienced in inherited property sales.
We can buy inherited property, and we have the experience to ensure the sale goes smoothly. If you’re in Colorado Springs, contact us and see how we can help.
