In a number of our posts, we have talked about inheriting property. Indeed, most of them have been in the context of celebrities leaving large sums of money and properties to their heirs, but that doesn’t mean that properties are not left to regular, everyday people. In fact, it is estimated that thousands of homes will be willed or left to children or loved ones in the next decade.
Because of this, it is important to know what perils await the unsuspecting inheritor of a property. This post will highlight a few of them.
Property damage – It is not uncommon for people to inherit older homes; many of which have not been updated or renovated. As such, making sure the property is free from structural defects and other maladies (such as mold) is important. It may be a costly, time consuming process, but it will likely be necessary should you want to sell or rent the property.
Unpaid property taxes – Additionally, the home you are given may have tax problems along with it. Specifically, the annual property taxes may not be up to date. And as the person who inherits the home, you may be saddled with the responsibility of paying them. Before the county tax assessor brings suit to collect taxes in full, it is prudent to establish a repayment plan.
Other interested parties – While you may be certain that the home was willed to you, there may be other parties who disagree and may challenge the will (or certain provisions of it, that suggest you are the new owner of the property.
If you have additional questions about inheriting a property, an experienced estate planning attorney can help.