Image by Annalise Batista from Pixabay
One of the basic things that people prepare for in their end of life planning is their property. A family home, for example, is often passed down to the couple's children or next of kin. Often, though, the people who inherit the property don't think about what they'll do with the home once that happens.
If you've inherited a property but there are no advanced directives attached, there are a few options.
Every family is different. If the property has been lefts to siblings or multiple family members equally, you'll need to be in agreement as to how the property is managed. Ideally, all parties will reach an amicable agreement but you can also enter into mediation to make sure everyone's best interest is met and the asset is fairly divided.
The state of the home at the time you inherit it is an important factor. There may still be a mortgage or a reverse mortgage on the home, and those payments will need to be taken up immediately.
There are three basic options for an inherited property:
An inherited property can offer a great blessing in financial gain, but it can also be a good deal of work. If your decision is to keep or rent out the property, make sure all parties are on board for the level of commitment that means to save yourself from tension in the future.
Gabrielle began her career in Real Estate in 2002. Prior to becoming a real estate agent, Gabrielle worked in the marketing/communications and manufacturing business in NYC for 18 years, having worked with both US and International clients. She is fluent in both Italian and French and is a Certified International Property Specialist.