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Things to consider when inheriting property

Florida estate planning is important so that property and other proceeds go to the intended beneficiaries with the least amount of trouble. For those who inherit property, certain considerations may be kept in mind.

When the owner dies with a valid will, the disposition of assets may have to enter probate before inheritances can be released to the beneficiaries. Speaking with an attorney might be a good idea in order to understand the process. If an executor under the will, an attorney may assist in instructing the executor about what to do and how the assets are passed to beneficiaries.

An individual inheriting a home or other real property may wish to find out about the status including such things as whether a mortgage exists, what property taxes cost and what the operating expenses are. Other pertinent expenses may include HOA fees, insurance, utilities, upkeep and gardening fees. Knowing what these fees are may help a beneficiary decide whether to keep the property or sell it.

Knowing the value of the house might be important when deciding whether to keep it or sell it when a single beneficiary is the inheritor. When the property is going to be split among more than one beneficiary, then knowing the value is particularly necessary. A property appraisal may be obtained through a real estate agency or by hiring a certified appraiser.

Deciding whether or not to sell an inherited property requires a number of considerations. Attorneys who are representing clients that have been appointed as executors will remind them that they have a fiduciary duty to the beneficiaries that are named in the will.

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