The Fast Home Help Real Estate Blog

Many people who inherit homes they don't necessarily want or need consider becoming landlords. However, before deciding to rent out an inherited home, you need to consider the legalities, taxes, and fees that may be involved in the process.

What will happen to your belongings in the event that you pass away? Whether you have written a will or not, your estate will enter a legal process known as probate. Basically, the court will supervise the division of your home and assets to family members and ensure your debts are settled. The process varies from state to state, but the timeline is generally the same.

When a loved one passes, children and close family members are often tasked with dividing the estate and settling the deceased’s affairs. In many cases, a family member may end up inheriting a home. While this may be a windfall for some, others may find themselves dealing paperwork, mortgages, or a house they simply don’t need or want. Inheriting a home with a mortgage raises a lot of questions. Can I assume the mortgage? What happens if I can’t afford the mortgage? Fast Home Help offers tips on dealing with an inherited home with a mortgage.

When someone dies, his or her estate and belongings enter probate. Depending on a number of factors this can either be either a relatively short or lengthy process. If you have been named the executor of the estate, you will need to oversee all six steps of the probate process. Understanding what these steps entail can help ensure the process runs smoothly.

Dealing with the loss of a loved one is a heartbreaking ordeal. If you find yourself inheriting real estate from a family member, you may have a lot of questions about what to do next. After all, a number a difficulties and financial issues can arise following the inheritance of real estate property.