We can all agree that the pain of losing a loved one is unfathomable. And things can be complicated even further if the said loved one owned my home in Houston, Texas. Assuming there was a will left behind, the property will obviously go to the next of kin. An heir who’ll be expected to process that pain, while at the same time trying to figure out what the next steps are.
Today’s article will focus on the things that heirs are expected to do the minute they’re told they’ve inherited my house in Houston, Texas. You need to pay close attention to the things that we’re about to share because they’ll make you work a lot easier.
Communication
The first thing that you need to do is find out how many heirs are listed on the will. Most of the times it’s usually one, but We Buy Fast Houston Houses has had of cases where an inheritance was left behind to more than one person.
If that’s the situation that you’ve found yourself in, you need to get in touch with the other heirs and figure out the way forward, TOGETHER. Do not leave anybody out of the discussion. Don’t assume that they’re too busy to concern themselves with such matters, or too rich to care. You cannot know what’s on their mind or what decisions they might make without having that conversation with them.
Probate
The only reason as to why anybody would skimp on filing for probate is the existence of a living trust. So if the deceased left behind a living trust, and the acquisition is meant to be funded in that trust, there’s no reason to worry yourself with probate.
What’s probate? Oh, sorry about that. We got ahead of ourselves.
In layman’s terms, the probate is the process of settling a decedent’s affairs in a civil fashion and in a court. And for the process to begin, the court must first establish a representative of the estate, otherwise known as the executor.
The work of the executor is to collect and account for all the assets involved in the process. Once they’re done doing that, they’ll send a communiqué to all beneficiaries, just to let them know what they’ve found so far.
If there’s a dispute, the court will help resolve it. if any claims have been filed by creditors, they’ll b settle as well, before the distribution of assets begin.
Hold or Sell
Holding or selling my inherited house fast in Houston, Texas might seem like an easy decision to make but it’s not. We know the idea of owning a property in a state like Texas will appeal to you, but before you jump on that boat, sit down and think of the financial implications.
For starters, there’s the property tax. Ask yourself this: are you in a position to pay the annual property taxes without straining yourself. Secondly, there’s the issue of a second mortgage. If the previous owner didn’t finish paying off the debt that they owed, it will now be your responsibility to make sure all the monthly installments are paid in time. And lastly, there’s the property maintenance costs.
For the record, We Buy Fast Houston Houses isn’t trying to discourage you from owning a property. All we’re saying is, talk to a real estate expert first, so that you can understand what you’re getting yourself into.