When a loved one passes away, there’s a lot that has to happen in order for all of the deceased’s affairs to be settled. It can take some time, which can be a source of stress for those who are meant to have a portion of an inheritance. Things can get even more stressful if you’re set to inherit a house that’s in probate but aren’t sure what you should expect.
Who Handles the House
To start, it can be helpful to understand who is responsible for the house while it’s in probate. In most cases, this responsibility falls to the executor named in the will of the deceased. They are responsible for handling maintenance tasks and finances as they relate to the property. In the event that there isn’t a will or no executor has been named, an interested party (usually a friend or family member) may petition to become the executor or the probate court may assign someone to the position. The responsibilities remain the same regardless.
How the Inheritance Works
Some people have outstanding debts when they pass away. When this happens, assets or portions of the estate may need to be liquidated in order to resolve those debts. In some cases, that may require the house to be sold. If that happens, you may end up inheriting some or all of the money that remains after debts have been settled. If the house does not need to be sold, you should be able to take ownership of the house as dictated by the will.
Next Steps
Once you are the owner, the next thing to do is to decide what to do with the property. Some may find that it can make a great second home or even a primary home. That doesn’t work for everyone though. Sometimes owning a home can be a greater burden than it makes sense to take on. It may make more sense to sell the property as quickly as possible. When that happens, it’s time to reach out to We Buy Houses Florida Panhandle to take advantage of our quick, no hassle home buying process.
If you’re meant to be the inheritor of a house in probate, it’s perfectly normal to have questions. Understanding things like who is responsible for handling the house while it’s in probate, what could happen throughout the process, and what your options are once the house is yours can help. Take some time to find the answers you need so you can get to the other side of the probate process with as little stress as possible.
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