Selling Your Parents' Estate: What You Need to Know
When a parent dies, it is important to be aware of your options, as well as the steps needed to take care of their estate. That includes dealing with potentially selling an inherited property. To help ease the stress of the situation, it is important to understand what to do next.
What to Do After the Death of a Parent
Though it can be a difficult thing to consider what happens to property after a parent dies, it is necessary for things to move quickly. Here are a few of the key steps to take to settle the affairs of a deceased parent:
1. Check Their Will for Ownership and Heirs
The first thing to do is to have the executor—the person responsible for distributing assets (including property) of the estate—check the will to determine who to distribute the remaining assets to. If the property is in a trust, the trustee would play this role.
Most wills will contain a plan for who inherits the property and will expedite the probate process.
2. Prepare for the Probate Process
This step requires some patience as the probate process, the official proving of the will and distribution of assets, before you’re allowed to sell the property. This process can take a long time, sometimes months.
3. Get a Value on the Home to Sell
Once you have been given ownership of your parent’s property, it is time to evaluate what value you will be able to get out of it once sold. This means checking for due taxes and outstanding debts, making mortgage payments, and finding a fair market value to list the home at.
4. Know the Costs and Taxes
You need to be aware of some of the potential costs that come with inheriting a property from your parents. You are now in charge of paying all taxes, upkeep, and maintenance costs that come with the home even if you are not living in it.
Additionally, there are the fees that come with listing a home like inspections, repairs, and potential taxes on sale.
5. Get the Property Ready for a Sale
Finally, do what you need to prepare the property for sale. This includes:
Clearing Out Belongings: Make sure none of your parent’s belongings remain in the home. You can move them into your own home, into a storage locker, hold a yard sale, or donate them.
Perform Necessary Cleaning/Maintenance: To get the home ready to show, you will need to clean the property, check for anything in need of repair, etc.
Choose a Real Estate Agent: One of the most important steps is choosing a real estate agent who has connections in the area, knows the value of the home, can identify the strong suits, and who can help you sell it as fast as you need to.
To learn more about selling inherited property , schedule an appointment with a residential real estate attorney at Lee Scott Perres, P.C.
