The death of a family member is usually a very emotional and trying time for people. On top of the loss of a loved one, there are a lot of legal and financial tasks and responsibilities. If you were living with a family member – in a house they owned – and now they have passed away, you may be wondering what to do with the house and whether you’re even able to sell it since you didn’t own it. Most likely, you were maintaining and the property and caring for your family member while you were living there. You may have even been helping financially, by paying part of the mortgage, real estate taxes, utilities and so forth. But what do you do now?
At first it may seem like there’s no easy answer. You will need to determine whether your loved one left a will, or whether the property will go through probate. Even though you may have lived with your family member for years, or helped them pay for many expenses, you still don’t have the legal right to sell it. If you’ve already been through probate and you are now in a position to sell your inherited house, please give us a call today at (630) 389-8232. We buy houses, and we may be able to help you sell your inherited house. We’re professional cash home buyers, and we have been buying homes since 2007. Check out our testimonials here. If you are new to the idea of selling an inherited house, this short article might help you answer a few questions regarding rights to sell. As always, make sure you hire an experienced attorney to sort out all the specifics and laws that apply to your particular situation. Kendall Partners does not offer any legal advice.
Your Loved One Left A Will
If your family member left a will which clearly names you as the legal owner of the house after their passing, this will make it much easier for you to sell the house. However, the property may still have to go through probate, since it’s part of your loved one’s estate. Probate, a legal process handled by an executor, is designed to ensure that the will is valid, debts and taxes are paid, and the remaining assets are distributed to heirs and other beneficiaries. Probate is not always necessary, especially if the deceased set up a living trust and if the property was subject to an Illinois transfer-on-death deed, or if the estate is worth less than $100,000 and does not contain any real estate.
If probate is necessary, it is handled by the executor who was named in the will. The executor normally hires an attorney who will file the appropriate documents with the local court. Unless there are clear issues with the will, the court will then give the executor authority over the estate’s assets. The executor must determine what assets are part of the estate, make an inventory of the assets, and must protect them. Then, the executor may sell assets to pay things such as funeral expenses, medical or other final costs, or other outstanding debts. The executor must send notices to all the heirs and publish notices of the probate case, which are printed in local newspapers to allow creditors a chance to file claims. Creditors have six months to file claims, and probate overall can take up to a year or more to finalize. If heirs are in disagreement and are fighting in court, the court may requires supervision over the executor. This means that the executor cannot take action on the assets and debts of the estate without approval from the court, and this can be expensive and take even longer to complete.
Your Loved One Created A Living Trust
A trust is a document which allows a trustee to hold legal title to property for a third party, who is the beneficiary. A living trust is a trust that was created by someone while they are still alive, rather than being created under direction of a will after the person passed away. A beneficiary is a person who will receive property as outlined in the trust after the loved one’s passing. A living trust can help reduce the expense and time it takes for the probate courts after a person’s death. Living trusts are not required to be filed or notices given to heirs or the public, and are therefore more private as well.
There is often a provision in the trust which will allow the trustee to sell the deceased’s house and then distribute the proceeds. However, if your loved one named you as the beneficiary of the house, you have a couple options. The Trustee can manage the sale of the house on your behalf and give you the proceeds, or the Trustee can transfer the property title into your name and then you can handle the sale of the house yourself. There may be tax implications for each of these choices, and you should consult with a CPA in order to help you determine which would be best.
Your Loved One Did Not Leave A Will Or A Trust
The number of American adults that have some sort of estate planning in place has decreased about 25% since 2017. If you’ve lived with a loved one who was ill, cared for them and helped them financially so they could stay in their home, but they passed without a will or trust in place, then this makes it much more difficult for you to sell. The laws regarding inheritance vary depending on what state your loved one lived in and what your overall circumstances are. In general, heirs such as a surviving spouse and any children, receive an equal share. You might avoid probate if all the heirs sign over the deed of the house to you, at which point you can sell the property.
If the heirs do no sign over the deed, then the estate will go through probate at which point – unless you are the sole heir – it’s unlikely that you will be able to sell the house. Usually the administrator of the estate appointed by the probate court will conduct the sale of the property. Proceeds from the sale of the house will be used to pay creditors, then the remainder will be divided among heirs.
We Buy Houses – Hassle-Free
Probate can be a very lengthy and complicated process, on top of a difficult and emotional time like losing a loved one. When you’re ready to sell an inherited house, a professional cash homebuyer like Kendall Partners can help you streamline the process in order to make it as quick and easy as possible. We can even help with things like cleaning out a property or making repairs so you don’t have to. If you’re considering selling an inherited house, we buy houses and we may be able to help. We are professional and compassionate, and we would love the opportunity to speak with you today about your situation. Give us a call at (630) 389-8232, or submit your information below.