When you inherit a home, there are certain things that you must do to prepare the property for sale. Note, however, that some of these may be less important depending on your situation and whether or not you intend on selling the home in the near future or living in it for years to come.
1) Get it assessed – It’s important to get a professional assessment done as soon as possible. An assessment can provide insight on what repairs need to be made and how much money will be required to make those repairs. Home repairs often fall by the wayside when people inherit homes because they either don’t know where to begin or they simply don’t have any use for fixing up an old place that’s just going to be sold.
Lines of Communication
Considering this fact, it is unlikely one heir would want to leverage this strategy. Negotiations, in most cases, are the way to go. A mediator has no special power or authority, beyond that of an impartial negotiator. The mediator role is not that of a judge (though they help pave the way for negotiations) but rather they act as another voice in the room. With an objective third party present, there is less likelihood emotions will influence the discussion, and progress toward resolution may be made more quickly. Instead of working against each other, you learn to work together while minimizing any potential damage through conversations about your family’s shared history. Establishing trust with people who have been strangers becomes easier once some time has passed after death has occurred and feelings have had some time to settle.
Once this has taken place, the personal representative is discharged from any further liability.
Although this may sound straightforward enough, probate can be a time-consuming and costly process for both executors and beneficiaries. Probate can take anywhere between six months to three years or more to complete. During this period, executors are required by law to act in their capacity as an administrator of the estate.
Probate law varies state by state; therefore, before an executor begins his/her duties it would be wise for him/her to keep abreast of any changes that might occur in your state during the probate process. It would also be helpful if he/she was familiar with all terms used so there is no confusion at the closing table.
You must operate using the wishes and desires that you believe the deceased had when making this plan.
The first step in taking up the position of executor is to gain knowledge about how much responsibility it entails, and under what conditions you should decline such a position. If there are no heirs who can take over such duties, then it falls to you, or some other person is chosen by the estate; if someone has already taken on the task of being an executor voluntarily, then they cannot back out of their obligation unless they give a valid reason–for example if work becomes “more than (they) bargained for”, as one expert put it.
It is imperative to understand the financial aspects immediately upon inheriting a house in Colorado Springs.
Holding the property to rent it out may be a viable option, but can also have its own financial complications.
If the estate is worth less than $10,000 in the combined value of all property or cash distributions received, then state law requires that you give at least $5,000 to the probate court. If there is no one left able to receive it, some states may hold this money for up to five years before sending it back to the state’s unclaimed funds account.
The average time frame for settling an estate via probate is nine months. Some states are worse than others when it comes to timeframes.
Hold or Sell
When this occurs it’s important that you reach out to talk to professionals. It is never too late, call now!
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You will find dedicated experts willing to share their experiences and help you along the way at HBR Colorado. Just give HBR Colorado a call at (719) 286-0053 or send us a message to learn how to solve your inheritance problems.