Questions People Should Ask When Inheriting A Home

When a person inherits a home this column provides five questions that people should ask themselves:

1. What is the jurisdiction’s probate policy?  The house will most likely go through the probate process and it is a good idea to have the assistance of an experienced attorney who understands probate law.
2. What kind of monthly expenses will the house come with?  The beneficiary who inherits a house will need to be on top of any monthly expenses. 
3. What should they do with the house?  The person inheriting the property will need to decide if they are going to sell it or keep it.
4. What is the value of the home?  If they are going to sell or donate the house they should figure out what its value is by getting it appraised. 
5. When can they sell it?  If the beneficiary does decide to sell the house they will need to figure out how they will do it. 

See Jimmy Burgess, 5 Questions to Ask When Inheriting a House, The Huffington Post, April 4, 2016.