You’ve probably seen shows or movies that involve the reading of a will and the distribution of the belongings and assets of someone who has passed away. Usually there’s a fair amount of drama, but it all seems to get resolved pretty quickly. Reality can be quite different in that regard, as you may be aware. If you find yourself inheriting a house, you’ll have to navigate the probate process before all is said and done.
What Probate Is
While it’s certainly time consuming and may seem unnecessarily troublesome at times, probate is an important process. It’s how a will is authenticated. It’s also how the executor of the estate is approved, if named in the will. If the executor isn’t named, one will be assigned by a probate court. Probate is also used to describe the process by which the estate is settled, outstanding debts are paid, and the inheritance distributed amongst the heirs. That includes a house, should one be owned by the deceased.
How It Impacts Your Inheritance
So how does probate impact you if you’re expecting to inherit a house? It’s important to understand that the timeline means that it could be some time before the house actually becomes yours. Aside from that, any outstanding financial obligations the deceased had must be met before any inheritance is distributed. The estate is where that money will come from. That could mean that the house must be sold in order to pay off debts. What’s left would then likely fall to you.
What Your Options Are
Your options may be limited if the house needs to be sold off to pay debts. If that isn’t the case, however, you have a few options. You could, of course, keep the house. What you do with it once it is yours is up to you. Not everyone wants or needs a house they’ve inherited though. Houses are expensive, even if you own one outright. Because of that, it may be best to sell the property, and quickly too. In that event, selling the house to a cash buyer could be the best option, since they are uniquely positioned to move quickly on closing a deal on a house.
If you’re expecting to inherit a house, you’ll need to go through the probate process first. This can be long and arduous, sometimes taking months, if not longer. Inheritances can be tricky things, and they may not turn out quite how you expect. Remember, just because you’re set to inherit a house doesn’t mean that you have to keep it if you don’t want it.
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