Congratulations! You Inherited A House – Now What?

Inheriting a house can be an emotional and complex experience. You may be grieving the loss of your loved one, and the house may be a benefit or a burden. But you must decide what to do now that you inherited a house.

You Inherited A House – Now What?

Here are a couple of steps you may want to take next after you inherit a house:

• Speak to an estate planning attorney
  If the house was not in a trust then you will likely need to open a case in probate court to transfer the home’s title to you. 
• Evaluate whether you need a mortgage
  If the home has a mortgage then you will likely need to speak to a mortgage professional about getting a new mortgage to pay off the current note. You may also be able to work with the current note holder to see if you can assume the loan.
• Understand tax implications
  If you inherited a house, you might be responsible for taxes now or in the future when you dispose of it.
• Decide if you want to keep the house
  You don’t have to keep the house; you may choose to disinherit it. Your other options are to sell it, keep it and live in it, or keep it and rent it to someone. But you’ll want to understand the tax implications of each decision.
• Review and update your estate plan
  If you decide to keep the house, you will want to review and update your current estate plan. You should update your estate plan every 3-5 years or after a major change – such as inheriting a house.

You most certainly want to work with your experienced estate planning attorney. Especially if you inherited a house and plan to keep it.

Why You Need An Estate Planning Attorney

One part of an estate plan includes a will or trust. This is a plan of how to distribute your assets after you are gone. Whether this is your only house or an additional home, you want to ensure it’s included in your estate plan.

Now is the perfect time to update your entire estate plan. Review beneficiaries, update your assets, and make sure you still want to distribute your assets as designated in your will or trust.

An experienced estate planning attorney can help you through the probate process of inheriting the house. They can also help you update your will or trust to include the newly acquired home and understand how it impacts your current estate plan.

Oak Brook Estate Planning Attorney

Do you have questions about inheriting a house? Contact us today at the Estate & Probate Legal Group at 630-864-5835. Our experienced attorneys understand the laws and can advise you on the best options for including the new house with your estate plan.

Areas we serve: Cook, DuPage, Kane, Lake and Will counties.