New York residents who have inherited a house that is far away from where they are currently living may be wondering what to do with the property. Whether the beneficiary decides to sell, rent or live in the house, there are several things to consider beforehand in order to avoid making mistakes and benefit from the inheritance.
At the outset, the executor will have to start the probate process. This must be done to get the house transferred into the beneficiary’s name.
While the process is ongoing, it is a good idea to find out about the expenses of the home such as taxes, insurance, cost of utilities and upkeep. If the house is secured by a mortgage, the executor will be able to provide details of its terms and conditions. Knowing these facts will help the heir decide whether to rent it out, sell it or live in it. Each option has its advantages and disadvantages.
A realtor or certified appraiser can ascertain the value of a home. Because houses are not easy assets to keep, most people who inherit them end up selling them, and many want to do so quickly because of the accumulation of various expenses. However, before the executor can sell it, the probate court must give its approval.
Individuals who inherit valuable property may benefit from the advice of an attorney who has experience in the details of estate administration. Because the probate process can be complicated, the attorney can provide guidance throughout and help to ensure that it is completed as quickly as possible.
Source: The Huffington Post, “5 Questions to Ask When Inheriting a House” , Jimmy Burgess, April 4, 2016