Inheriting Real Estate and Everything In It: Settling An Estate
The loss of a loved one can be a very difficult event to deal with emotionally. We all go through this at some point in our lives and people cope in different ways. Even though the loss is enough to handle on its own, many people find themselves as heirs and/or executors of an estate, which can create even more stress and can be a complex process.
First off, an ounce of prevention is worth a pound of cure. What we mean by this is that it’s best for you and your loved ones to consult with a competent estate attorney to establish a plan on how your estate should be handled. They can help you and family members navigate and understand the processes involved more quickly and easily. They may even be able to avoid probate altogether by establishing trusts and other entities. And even if a loved one didn’t have an estate plan in place, it is just as important to contact an attorney to help you every step of the way.
Part of an Executor/Administrator/Trustee’s duty is to take an inventory of assets, then sell and/or distribute assets that belonged to the decedent. They distribute the assets to the heirs/beneficiaries according to either the decedent’s will or the state’s laws. They also need to pay off debts of the decedent and the estate. This process can be straightforward for liquid assets like a bank account but can be much more complicated with non-liquid assets such as real estate, vehicles, collectibles, etc. and you may even need court approval on top of an appraisal to sell some of these assets.
When it comes to real estate, people inherit all sorts of situations including: a house that is nice, updated, and ready to list; a house packed to the ceiling with belongings in need of a complete remodel; a handful of rental properties with tenants; commercial property or apartments; and any or all of the above. For each situation there are different solutions that can be implemented to best serve the needs of the heirs and everyone involved. Learn more about these solutions by clicking here.
Just as we have stressed communicating with an estate attorney, it is best to consult with other professionals throughout this process. This can include an accountant, an appraiser, and real estate professionals. Although there are different solutions to handling assets in an estate, everyone’s situation is unique and has to be addressed as such to provide the best outcome for the heirs of the estate.
We would love to talk to you more about your situation and how we can help. We would also be happy to work with and communicate with your attorney to make sure your goals are met. Even if you are just looking for more resources or contacts, feel free to reach out.