Inheriting a home is one of those life moments that often brings mixed emotions. Before rushing into decisions, give yourself time. A home tied to a loved one can carry emotional weight, and there’s no need to tackle everything immediately.
- Start by gathering key documents. These will help you get a clear picture of what you’ve inherited and what is still owed or required:
- The will or trust
- Mortgage information (if any)
- Homeowners insurance policy
- Utility bills
- Tax records
- Deed/title paperwork
- Determine ownership and legal standing. If the home was left to you in a will, the estate will likely need to go through probate before you can take ownership. If the property was in a trust, this process may be quicker. It’s smart to consult a probate attorney or estate planner, especially if there are multiple heirs or unclear ownership.
- Understand the financial impact. Inheriting a home can come with financial considerations:
- Property taxes
- Capital gains taxes
- Ongoing expenses – mortgage payments (if applicable), insurance, utilities, and maintenance will all need attention
For more information about what to do when you inherit a property visit our recent newsletter on the topic here.
Watch our YouTube video on What to Do When You Inherit a Island Home below.