Inherited homes. Helpful articles during the probate process |
Posted: March 1, 2018 |
When you lose a parent or a relative, it's always a sad time. And, you've inherited a house or you're an executor, it can be a challenging time indeed. In addition to dealing with the loss and grief, you also have a big responsibility to take care of including managing and distributing the assets as well as selling a house.
Cleaning, preparing and selling the house can be a daunting task, especially if the home has a lot of deferred maintenance. It can take a long time, and of course it often costs a lot of money. At times, it can make your headspin as you don't even know where to start. And, while you're at the house, you are constantly reminded of your loss. It can be even more emotional if it's the house you grew up in.
So I've gathered some of the most helpful articles to help you navigate through the probate and selling process. These articles should help you make sure you don't forget any steps and help you get through the process faster. The sooner you get through it, the easier it is to put closure on your loss. And, of course, it will save you money, too as well as enable you to distribute the inheritance faster.
How to sell a house after a relative dies by Bill Gassett. In this article, Bill explains the whole process from start to finish, including the process of preparing and selling the house. He also has included many other helpul resources.
18 Important Executor Responsibilities. Most of use don’t understand the full extent of the Executor responsibilities nor the paper work involved. And, for most, when they become an Executor, they have no clue what’s involved. After all, it’s not something they train us on in school. This article explains the process and the most important responsibilities. It’s meant to help you avoid forgetting key steps.
8 Most common Executor mistakes and how to avoid them. Yes, being an Executor is a big responsibility. And, it’s very easy to make a mistake. And, these mistakes can be rather costly. In fact, the Executor can be held personally liable for certain mistakes and need to come out of pocket. So, this article outlines those mistakes and how to avoid them.
How to find an Estate Attorney to help you manage the inheritance and probate process. As I mentioned, the task can be complicated and daunting. It’s advisable to get legal help so that you avoid the major pitfalls and to make sure you take care of all of the legal and tax filings properly. Not only will an experienced estate lawyer help you avoid these mistakes, but they will also save you a lot of time, help you find key resources and potentially may help you uncover more estate assets. A good estate attorney is worth their weight in gold.
Inherited House Options by Anita Clark. In this article, Anita outlines the options of what you can do with a house that you’ve inherited – sell it, rent it or move in…or a 4th lesser known option. She explains the pros and cons for each option. There certainly is no “one size fits all” and you’ll want to determine what works best for your personal situation.
What happens if someone dies without a Will? Many people mistakenly assume that the money goes to the state if someone doesn’t have a Will. And, that is absolutely wrong. While the state has laws as to how the estate is distributed, they do NOT keep the money/assets. Those all go to the rightful heirs. The distribution and process varies a bit state by state, and you can read more about that, as well as how to apply to be the Administrator for the estate in the article.
What happens if you can’t afford a funeral? You’d be surprised how often this comes up. Funerals are expensive and many have not prepared for this ahead of time. This article provides 14 tips to manage through the process, even if there is money in the estate, but you can’t access it until it goes through the probate process.
I hope you find this info helpful. I know it's a very difficult time in people's lives. If you live on Long Island and want to sell an inherited house, I may be able to help you.
Rich Witt (516) 330-6940
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