What To Do When You Inherit A Property

Posted on: April 16th, 2017 by , No Comments

 

Inheriting a property produces storms of emotions and whirlwind of decisions.

Thunderstorms and Tornadoes in Indianapolis

The decision to sell an inherited property is an important choice that can add to the storms of emotions that accompany the loss of a loved one. Whirlwinds make feelings mixed about what would normally be considered a blessing to people not enduring the passing on of a family member. In addition to the emotional baggage that occurs, it is important to protect financial and personal interests by following certain steps. 

Protect Legal Interests

Make sure the property insurance is current to cover if damage occurs from natural causes or worst case scenarios. Then it is important to check the local laws on inheritance. Each state has its own inheritance laws, but Indianapolis has it’s own probate court where legal filings and proceedings can be followed. This is a basic step, but often overlooked as inheritance of property has many different angles in procedure. Not knowing does not protect someone from having a legally binding obligation.

Determine Personal Interests

Assess the value and determine if the property is worth keeping. This can be more than just a numbers assessment, as the property might have sentimental value that makes the property invaluable. Still, if the property is behind on taxes or if it carries a mortgage, there are tangible reasons why it might be time to sell an inherited property. Then there are even more decisions that might effect if the property is being used as a rental property.  Also, the property values might have risen or fallen, making the property less than affordable to the beneficiary.

Consult a Professional

Hire professionals because of all the headaches involved with the legal procedures involved.  We buy houses in Indianapolis  routinely,  but any local proficient real estate broker will be able to handle referring you to an appraiser, an accountant, a real estate lawyer, or even a surveyor as needed. Seeking experienced advice is encouraged when dealing with long term decisions because it will save in both financial costs and time.