September 8th, 2023 2:58 PM by Juan Luis Rodriguez-Kohly
By Miranda Marquit
Published Mon, Aug 14 2023
Inheriting a house can offer a variety of choices in making use of a valuable asset. For example, you can sell the home and collect the resulting cash as a windfall, use the property for rental income, or live in the house and potentially reduce your overall living costs.
As you decide what to do with an inherited home, there are a few things to consider. Here’s what you need to know.
Laws are different in each state, but, in general, if you inherit a home, you will need to go through some type of legal process. The executor of the will needs to be consulted, and there might be probate issues to resolve.
if you inherit a house, it won’t actually be yours until all the legal formalities are complete and your name is on the title.
Some of the issues the executor and probate will address include:
Consider speaking with an estate planning specialist or other professional to help you navigate the situation and review your options. You may also need to consider a mediator if you have co-inheritors who disagree with you about the best way to handle the situation.
Once you’ve established your right to the home and have your name on the title, you can start trying to figure out what to do next. You’ll need to consider the impact of owning this home on your personal finances. Considerations you’ll need to make include:
Regarding what you’ll do with the property, you have three options:
If you have a family member as a co-inheritor, you might also need to make other decisions. Perhaps they want to move in, and you need to make an arrangement. The easiest solution is to sell the home and split the net proceeds (after taxes and other costs have been paid). However, if you want to keep the home and don’t want other co-inheritors involved, you might need to buy them out.
Inheriting a house can be a way to improve your finances and make the most of your money. However, before you decide to accept the inheritance, or decide what to do with the house, make sure you consider your situation and needs to make a choice that makes sense for you financially.
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
???Call 786-262-6486 or email RodKohly@gmail.com today to get more Information about the funds you can get from a Reverse Mortgage