If someone you love or were close to through family relations passed away recently, they might have potentially left you something in their Last Will and Testament. While some assets of inheritance are easy to know what to do with, real estate properties are more complex. Surely, a good piece of real estate could be considered the most valuable asset in any estate plan.
But if you plan on selling the property before long, there are certain important things that you need to keep in mind.
What Happens During Probate?
During the long probate process, those who have the right to may step forward to contest the will and attempt to put their own claims on an asset, such as the family home. It is wise to handle these disagreements before they get out of hand.
Or perhaps the home was left to multiple children, at which point they must agree together about what to do with the real estate. In such a situation, while it is good for everyone involved to feel included in decision-making, it is often wise for one individual to have authority over the decisions made, for purposes of expediency, if nothing else.
Potential heirs are not the only parties who have an interest in the estate. If the decedent had any outstanding debts, those creditors must be repaid. Sometimes the payment to these creditors will come, at least in part, from the sale of the house.
What Documents Do You Need to Proceed with the Sale of Inherited Real Estate?
It feels pretty safe to say that nobody enjoys paperwork. And those who are still grieving the recent loss of a loved one have extra reason to despise keeping their papers in order.
While a good real estate agent and estate planning attorney can help with matters, it is important that you have in your possession the following documents:
- The existence of a will simplifies all matters regarding estate plans before and after death.
- Receipts of bills. Freeze the decedent’s financial accounts and contact all creditors.
- Any stocks and bonds the decedent may have had.
- Any public or private life insurance policy of the decedent.
- The homeowner’s policy.
- The bank account information of the deceased.
- Any personal documents of the deceased that hold important legal, financial, or sentimental value.
- End mail delivery to the property and change the locks.
Ready to Sell?
After you have all of the important documents taken care of, you may look into selling the property. Often, a real estate agent will help you stay informed about what fixes need to be done (changing carpeting, updating lighting, fixing windows, etc.) and how to price the house for sale.
A quick sale may get you the money faster but may not result in getting the price that the house is worth.