How to Sell an Inherited House
You just inherited a house, now what?
In the next 4 decades Baby Boomers will inherit $27 trillion dollars in wealth, with a big chunk of that trillion coming from family real estate.
Selling an inherited house comes with a myriad of hidden challenges. Often adding to an already stressful situation.
The Gale team at Utah Realty is here to help reduces your stress!
Owner ?? – Figure out who controls then ownership of the property. First, you need to identify the heir of the property if you plan to sell an inherited house. This can be beyond tricky and believe us we have seen and heard it all. If the deceased family were prepared and wrote a will, be thankful! However if the deceased (Mom, Dad, Uncle) die without a valid will, and the deed to their property does not include joint tenancy with survivorship language, then issues may arise as to which persons have title to that house.
This is called Intestate Succession in Utah. If you die without a will in Utah, your assets will go to your closest relatives under state “intestate succession” laws. Here are some details about how intestate succession works in Utah.Only assets that would have passed through your will are affected by intestate succession laws. Usually, that includes only assets that you own alone, in your own name.
Many valuable assets don’t go through your will, and aren’t affected by intestate succession laws. Here are some examples:
- property you’ve transferred to a living trust
- life insurance proceeds
- funds in an IRA, 401(k), or other retirement account
- securities held in a transfer-on-death account
- real estate held by a transfer-on-death or beneficiary deed
- payable-on-death bank accounts, or
- property you own with someone else in joint tenancy.
These assets will pass to the surviving co-owner or to the beneficiary you named, whether or not you have a will. Utah Realty has as part of their resources access to the proper Estate Attorneys. We personally have hand delivered drafted uncontested probate documents to the heirs of the estate to sign as to secure the release of probate. We have done this many times for our clients. Remember property cannot be sold until title has been cleared and heirship issues are addressed and resolved. On some occasions this can be a trouble sum and complicated process.
Utah Realty can work directly with the Title Companies, coordinate and communicate with your other family members to help make this process as easy as possible. This is done at no cost to our sellers.