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What to do if you inherit a home

| Jun 17, 2021 | Estate Planning

If you find yourself in this situation, not to worry, inheriting the family home does not need to be complicated. You have many options available to you depending on how you would like to use the property — but there are a few things you need to handle first.

Here are the three things you need to do first after inheriting a house from a loved one:

1. Secure all proper documentation

No matter what you choose to do with the home in the future, you will need to secure all the proper documentation to transfer the deed into your name. You should obtain the original will, a death certificate for the deceased, any transfer-on-death paperwork (if applicable), information about the mortgage, property taxes and home insurance. 

2. Meet with an estate lawyer

A good estate lawyer will help everything transition smoothly and under the law. They will draft all the court documents you need to sign and open the probate estate and transfer ownership of the property to your name.

3. Update all the home’s financial information

You may need to notify the bank that holds the home’s mortgage, arrange for a new homeowners insurance policy in your name, make certain that the property taxes are paid and check for any liens on the property that must be paid. You should also make sure that the utilities are transferred into your name as promptly as possible.

A death in the family is never easy. There are so many important things that need to get done while you try to begin the grieving process. By seeking the advice and guidance of an experienced legal mind, you can ensure that inheriting the family home is one less thing you will need to worry about. 

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