WHEN YOU INHERITED BURDENS
Updated: Jun 28
Many parents choose to will their property equally to all their children, leaving the kids to decide how to divide everything up. If part of that inheritance is the family home or other real estate, the best way to divide the asset is to sell it and split up the cash. But selling inheritance property presents special logistical, practical, and emotional challenges.
Family disputes happen but the last thing families want disputes over is inheritance. It happens sometimes, unfortunately. If negotiations and solutions can’t be made privately among the family, it is time to get the court and lawyers involved. You may be able to hire a professional mediator to help solve the problems. This person is usually a lawyer and will draw up a contract once agreements are reached. If all else fails, the court will handle issues. This not only extends the closure process but can create tensions among the named beneficiaries and other family members.
What To Do When The Heirs Cannot Agree
If so, you are not alone. Family squabbles over how an estate should be divided are big business for estate lawyers now.
Capital One advises families to get help, “If you and your siblings can’t agree on who should own the home or how to divide it, you might seek the advice of an attorney. Sometimes, an unbiased professional can offer ideas you may not have considered.”
But even getting excellent, timely legal advice may not be enough to solve family arguments. Battles may start over who should inherit the house and who should have permission to take the personal property inside and outside the house, including cars, trucks, boats and recreational vehicles.
People tend to come together in agreement on one thing, however. Except for sentimental items, most heirs are concerned about the monetary value of their inheritance. They will often agree to sell the house and all the personal property simply to avoid arguments, lawsuits, and hard feelings between family members.
When Selling Everything Makes Sense
Selling a house and its contents is often the best way to avoid family disputes before they escalate to family fights. Holding an auction is one way to get everything sold on one day. Unfortunately, the results of real estate and household property auctions can be very disappointing.
Once you turn over the marketing and sale of a house and contents to an auctioneer you lose control of pricing. Items sell to the highest bidder and that’s final.
A home that belonged to an elderly parent or another relative may need repairs and updating before you can put it on the market. You’ll need to clean out your relative's belongings. Consider hiring an inspector to spot potential problems and recommend repairs.
If you don’t live nearby, a local real estate agent can assess the property for you and suggest changes that will make the home more marketable, such as updating the kitchen or adding landscaping.
You also have a great option of selling the home “as is” with no repairs, no updates, and even no cleaning. You don’t need to hire a photographer, stager, or arrange an open house every weekend. The entire process from A to Z might take up to 10 days. Fast, less stressful process.
If you think that this scenario could be an optimal solution for your situation, please, give us a call at 919-444-8778 or firstname.lastname@example.org