Have you inherited property in ? Sadly, without proper forethought, you may suddenly face life without your parents, who have left their property to all of their children without a plan in place, which can be quite a chaotic experience. Dealing with a sudden whirlwind of paperwork and details during such an emotionally difficult time can be extremely daunting. And there is a great deal of critical legal and financial information you will also have to absorb.
While you may have fond memories of the family cabin on the lake, when you suddenly find yourself an heir sharing the responsibilities for the property, it can be both an emotional and financial burden. Even for siblings who can move through the loss of their parent in harmony, the estate settlement will be a long, costly, and drawn-out process that can take years if you should face probate court.
Read on to learn these five tips for siblings dealing with inherited property in
One Person in Charge
If your parent didn’t set out a strategy in the will, such as appointing a non-sibling trustee, having one person coordinate everything is advantageous for siblings dealing with an inherited property in . There should be one central checklist to ensure that everyone follows up on the steps necessary to manage the property. It is helpful to handle all of the tasks by dividing the responsibilities among the siblings, and everyone can keep the person in charge of their progress, such as paying property taxes or performing routine maintenance of the property. You may find it best to hire a property manager and share the expenses.
The sad truth is that nearly 70 percent of Americans die without a will in place. Communication is key and an essential tip for siblings dealing with an inherited property in . If you cannot have calm, adult discussions regarding business matters, it may be wise to bring in an impartial mediator. It is better to act sooner than later. Establishing guidelines and working out details helps avoid conflict among the siblings; after all, preserving the family is the ultimate goal.
At times, a parent will favor giving to each by their need, perhaps aware of economic issues that particular child faces. Alternatively, a parent may dislike or even distrust a child’s spouse and place their portion of the inheritance under the control of another party. In contrast, other parents may prefer splitting the estate evenly in the hopes of avoiding hurt feelings or jealousy. Often infighting and emotional outbursts occur, which can cause long-term family rifts.
One of the top conflicts among siblings is how to divide an inheritance, so it would well serve parents and their children to discuss the matter openly. Understanding the motivation behind the estate division is helpful for siblings dealing with an inherited property in .
Being incredibly realistic is a valuable tip for siblings dealing with an inherited property in , which means acknowledging that there will be disagreements in the future. By accepting this reality, you can plan to deal with these situations in advance, with a system for majority rule that everyone feels is fair, whether it is a decision about paint color or more significant, such as a sibling desiring to live in the property full time. You will be glad you took the time to create some rules for guidance on permanent decisions, above the individual emotions of the siblings, which may be temporary.
Sell and Divide
Finally, for siblings dealing with an inherited property in , selling the property and splitting the profits is a good solution if owning property will cause a rift. Another reason to sell and divide the proceeds is that one or more of the siblings cannot financially carry their share of any financial burdens or are under extreme economic duress and need the funds. Perhaps none of the children wish to live in or make use of the property. Regrettably, while many parents have the best intentions, they pass on a home in a state of severe disrepair, and the heirs don’t have the time or interest in making repairs. Another situation that may call for the siblings to agree to sell is when the property is near being foreclosed upon, which requires a fast sale.
At My Y Holdings LLC , we can help siblings quickly and easily deal with selling an inherited property in . Would you like to run your situation by a professional without any obligation? Feel free to ask us any questions or share any concerns you might have about the process. The professional buyers at My Y Holdings LLC and our supporting team of professionals have a system that allows us to close with cash in a matter of days or weeks when you are ready to sell. Send us a message or call My Y Holdings LLC at (732) 996-9850, we are happy to help.