Dealing with the loss of a loved one is challenging to say the least, and if there is no will to follow, it makes matters so much more difficult. You have so much to manage, from taking care of details and arrangements to dealing with all kinds of emotions. And if you’ve inherited real estate in Sarasota with no will, it can add a pile of decisions to make. You need to be aware of what you’re entitled to as an heir so that you don’t run into any legal problems or conflicts with other family members. Luckily, there are some steps you can take to make things easier.
1. Determine Your Ownership Status
So, the first thing you need to do when you inherit a property, particularly with no will, is figure out if you legally own it. This can vary depending on the state where the property is located. If the person who passed away was married, their spouse will usually inherit the property. But if they weren’t married, things can get a bit more complicated. In that case, the property will be divided up among their kids, parents, or siblings, depending on the state laws. If you would like help navigating this first step, please reach out to us at Burson Home Advisors.
2. Get a Professional Appraisal
Getting a professional appraisal of the property is crucial to determine its market value. This will give you an idea of how much the property is worth and help you make informed decisions about what to do with it. If you’re looking to get an appraisal, you can either hire a professional appraiser or get an estimate from a local real estate agent. My partner, Jerry Burson, is a former appraiser, and together we can run preliminary numbers for you. Also, if you would like a recommendation to a trusted local appraiser, we have three we can introduce you to.
3. Decide What to Do with the Property
Once you find out how much your property is worth, you have a few choices to make. You could keep it, sell it, or rent it out. If you decide to keep it, remember you will be responsible for the property taxes and maintenance costs. If selling is more your style, you’ll need to bring in a real estate agent and pay their commission fees – which, given all that’s on your plate, may be the easiest route to go. If you’re up for the task of being a landlord, you could rent it out, but remember that you’ll have to deal with tenant issues. Or, there’s a third option – you could sell your property straight to Burson Home Advisors and get a cash offer quickly.
4. Get Legal Help
Getting legal assistance is a smart move when dealing with inherited real estate. A lawyer can be of great help in guiding you through the legal process, especially if there are other heirs involved. They can explain your rights and duties as an heir and prevent any potential legal problems in the future.
5. Communicate with Other Heirs
When there are other people who have a claim to a property, it’s crucial to talk to them and decide together what to do with it. It might not be an easy conversation, but it’s crucial to prevent any arguments later on. You can even get a mediator to assist in guiding the discussion and finding a solution that satisfies all parties involved.
6. Pay Any Outstanding Debts
So, if your loved one who passed away (and left you no will to navigate) still owed money on things like their house or taxes, you’ll have to pay those off to make sure everything is legally squared away. That way, you can be sure you’re the rightful owner of the property without any problems popping up later on.
7. Transfer Ownership
So, you’ve inherited property, but what’s next? Well, first you need to figure out if you’re the sole owner or if there are other heirs involved. Once you know that, you’ll need to decide what you want to do with the property and make sure there are no outstanding debts to pay off. If all of that looks good, you can transfer ownership by filing some paperwork with the county where the property is located. Don’t forget to bring along any legal documents you have that relate to the inheritance, like a death certificate. Inheriting property can be a bit tricky, especially if there’s no will, but if you follow these steps and get some professional help when you need it, you can handle everything smoothly and avoid any legal issues in the future. Just remember to communicate with any other heirs involved, pay off any debts, and seek legal help if you need it. With a little patience and planning, you can decide to either keep the property or sell it quickly through Burson Home Advisors.