What Most Don’t Know When They Inherit A Home
Q: I am inheriting a home. Do you have any advice to share about the process? Elisabeth, Westfield, NJ
A: Inheriting a house can bring some very complex challenges. There is a big difference in how an inherited house should be handled, based upon how you inherit the home.
If you were given the house by deed when your relative passed, usually, there is no need to go through probate proceedings. your name should be on the title and therefore you can do whatever you want with the property.
If you inherit the house through your loved one’s will, you have to go through probate. You will need to complete that probate process before you can take control of the home.
If the deceased had a trust agreement that says you (or others along with you) get the house upon their death, the home will pass directly to you (and any other potential co-owners). If, however, the deceased leaves behind a spouse or minor children, you have to go through the probate process to sort out the title.
If the deceased died intestate without a will, you will have to go through the probate process and be named executor of the deceased person’s estate in order to be able to take control of the property.
There are ongoing expenses associated with property that you will need to immediately start paying when you inherit a property like property taxes and homeowner association dues. Thanks for your question, Elisabeth.