CHAPTER 4 Downsides to Inheriting o Inheriting Challenges of Selling an Inherited Home with Multiple Heirs Bequeathing a home to multiple children is a common estate planning decision, but it can create complications when the time comes to sell. With multiple heirs involved, differing opinions on whether to keep or sell the property can lead to disputes and delays.
Navigating Family Dynamics and Decision-Making
Selling an inherited home differs from a standard real estate transaction. Heirs may be mourning while also managing estate responsibilities, making objective decision-making difficult. Common disagreements among siblings or joint heirs include: • Whether to sell the property or retain it within the family. • The pricing and marketing strategy. • The division of proceeds or responsibilities. To avoid unnecessary conflict, patience, negotiation, and legal guidance are crucial. Retaining an estate attorney experienced in real estate transactions can help prevent costly mistakes and streamline the process.
Financial Considerations and Ongoing Expenses
Maintaining an inherited property comes with financial obligations. Taxes, insurance, utilities, and upkeep costs can accumulate quickly, especially if the home remains vacant. As attorney John Kopp advises, “Making a quick decision on an estate property early is always better than later because of the
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