CHAPTER 2 Concepts to Know When Selling an Inherited Home ed Home Legal Considerations When Selling an Inherited Home Selling an inherited home involves several legal and financial considerations. Understanding wills, probate, taxes, and ownership transfers can help you make informed decisions and avoid complications.
Wills and Probate
Most inherited homes are passed down according to the deceased owner's will. A will is a legal document that dictates how a person’s property is distributed upon their death. If a valid will exists, the named executor is responsible for carrying out the deceased's wishes, including overseeing the transfer of ownership. If there is no will, the property will be distributed according to state intestate succession laws. The probate court will appoint an administrator to manage the estate, ensuring assets are allocated per state law. Types of Probate • Common Form Probate: A simplified process in some states that does not require all heirs to be notified. • Solemn Form Probate: A more formal process where all heirs are notified, and any disputes must be resolved before the will is validated. Most estates do not require solemn form probate unless there is
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