Inheriting a house from a loved one can, at times, feel like both a blessing and a burden.
If you’ve found yourself on the receiving end of the situation, you may be wondering how you should navigate inheriting a house.
Do you need a lawyer?
Do you need a realtor?
While it’s inarguable that answering the question of I inherited a house, now what? demands a case-by-case-answer, there are a few common scenarios that allow you to gain a better understanding of what happens after inheriting a house.
In this blog, we explore different inheritance scenarios and how to handle them.
Read on to learn more.
The Homestead Provision
The Sunshine State is unique in many ways, and this is nowhere more true than in its inheritance laws. In Florida, the homestead provision enables individuals with a primary residence to declare that property their homestead.
This status offers specific protections against creditors, as well as determines how a property will be dispersed among inheritors after the owner passes away. By stipulating homestead status, you are also eligible for homestead exemptions, which can result in a considerable reduction in your property taxes.
Given the associated benefits of the Homestead Provision, many individuals inheriting a house opt to designate the property as their primary residence.
If your spouse passes away and your name isn’t on the house deed, don’t panic. You can choose to enact a life estate. Under this provision, you have the right to live on the property for the remainder of your life. However, under this provision, you cannot sell the property
While this option does not offer financial gain, it does offer protection, ensuring that you are able to age in place in the place you call home.
Tracing the Family Tree
If you’re inheriting a property from a family member without a will, you may find yourself in a n emotionally fraught situation. Far too often, we’ve seen people become incredibly litigious in these situations, often wasting the estate on lawyers’ fees.
To combat this uncomfortable situation, we suggest tracing the roots and branches of the family tree to determine who is the rightful inheritor. This can be done through an attorney, a mediator, or another entity entirely.
Ideally, situations like these can be offset before they arise through the creation of wills and deeds.
I Inherited a House. Now What? Conclusion
Regardless of your situation, inheriting a house can be a complicated process, which is why it’s important to have the right team on your side.
At Florida Real Estate Buyers, we have helped hundreds of families in a variety of situations navigate inheriting a house.
As industry experts, we are standing by to answer all of your questions and help you jumpstart the home-selling process.
Learn more about selling an inherited home!