There are a lot of things that happen when someone passes away. One of those things is sorting out what happens with their belongings. Generally, that happens according to the dictates of the will. Things that are only in the name of the deceased, like a house might be, end up going into probate. So what should you expect to happen to that house?
Managed by the Executor
The first thing to understand about a house in probate is that it is managed by the executor of the estate. The executor will typically be named in the will. It is their responsibility to protect the house, as well as paying debts and taxes. Until the estate is settled and the inheritances have been distributed, they’ll also be responsible for maintaining the property.
Used to Settle Debts
It’s quite common for people to still have outstanding debts when they pass away. When that happens, the estate will be used to settle those debts. Depending on the amount of debt, the house may need to be sold in order to have the funds to pay it off. In other cases, the house may not need to be sold and debts may be settled by using other assets.
Inherited as Dictated by the Will
Once debts have been settled, the remaining assets and belongings can be distributed by the executor according to the dictates of the will. Depending on how any outstanding debts were settled and what the will says, the home itself may be inherited, or it may be sold with the proceeds being inherited.
If you find yourself inheriting money, that’s often simple enough to deal with. Not everyone is in a good position to be the new owners of an inherited property though. If you’ve found yourself the new owner of an inherited property that you aren’t in a position to keep, contact Offer Hut. We can take your inherited property off of your hands so you don’t have to deal with it any longer.
When a loved one passes away, there is likely to be a lot of time and effort put towards sorting out their belongings and inheritances. Some possessions may go into probate. Understanding what that means can help you feel less stressed about the process and give you peace of mind as things progress.
Not every home that is inherited is necessarily wanted. If you’ve inherited a home that you are unable to keep, click here to take the first step towards selling it to Offer Hut today!