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August 30, 2017

How to Split Up a Willed Family Home

Life Change
Inheritance

People often leave their estate to be divided equally among multiple children. That’s an easy task when the bulk of the estate is cash. But when the family home is a part of the estate, dividing it equally can be more than a little difficult.

It is also common for family members to have varying opinions about the “fair” way to settle the estate. Ideally, they would agree to sell the home and split the profits equally. Rarely do siblings come together in agreement when their parents are no longer there and it is time to settle the estate.

Splitting the family home is never as simple as the heirs want it to be. If one child decides they want to move into the house and pay the others their share, coming to an agreement on the price the new resident should pay can become an even greater controversy. Probate, taxes, and maintenance of the estate are just a few of the issues that make the position of executor a challenging one.

The Challenging Role of the Executor

The executor is usually a third party whom the deceased trusts to execute the terms of their will. The fact is that this is a complex position that comes with a number of responsibilities. The basic job of the executor is to maintain the property at its original value and to organize the process of carrying out the will.

Even under the best circumstances, splitting up a willed home may not be a smooth process. When the situation becomes explosive, the executor’s job becomes even more difficult and time-consuming.

In most cases, the executor will have to go through probate to transfer the deed. The exception is for situations where the change of ownership is made through a living trust. The executor may need to hire an attorney to navigate the probate process. During this period, insurance must remain up-to-date and any necessary repairs made.

The house cannot be placed on the market for sale during the probate process. The executor must receive permission from the court before they can do anything. Once the court rules the will valid and names the executor, the next job is to provide an inventory of assets and debts, notify the parties and creditors listed, and take care of having the home maintained.

Reaching a Fair Solution

The executor will wait until the probate court provides the order to sell the house or transfers the deed to place the house on the market. But first, the house will need an appraisal to determine the actual value of the home. After it is sold, the executor will need to provide a written explanation of why it sold for that amount.

Buy Every Home: A Better Solution

A hard to sell home or one that has a lot of debt against it is not the best type of inheritance. Heirs often end up spending a large portion of the money they inherited trying to keep the house afloat. The requirements for keeping the maintenance and insurance up-to-date can actually cost them more money over time than they will profit from the sell!

Buy Every Home is the largest home buyer in the country. We have extensive resources that allow us to buy homes in any condition without the wait. We will make an offer on your home within 24 hours of inspection so you can have the money in your hands in as little as 14 days from the initial contact.

If your family home has become a burden instead of an asset, contact us today.


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