In this week’s episode we are going to talk about inheritance and inheriting your parents house. If you are watching this video because a loved one has passed, we are so sorry for your loss and we hope that this video can offer some help during this time. After the Will and Probate process you and your siblings will want to have a family meeting and discuss where everyone is and what you want to do with the property. It is important to delegate responsibilities so that you and your family know who will be responsible for each aspect of the house. It is also important to manage the utilities and insurance for the property. So take a look at your plan and what you need for the house to function. Work with a Title Company to see if there are any encumbrances on the property. When the time comes to go through belongings see what you want to keep, donate, and sell. If you need more support there are companies that can tackle a lot of this for you. If you decide to sell the property, there may be some small repairs that you can make before listing the property. It is also important to look at tax implications with your accountant to understand exactly what your costs are after you sell the property. Make sure that when you and your siblings come to an understanding make sure you get everything in writing. Regardless of the relationship it is important to reach out to an attorney if disputes arise. There are so many options for what you can do with a property and you do not have to rush into any decision. Whether you buy out your siblings, sell the property, or decide to turn it into a rental, a good real estate agent can help you decide what is the best option for your situation. We are here to help and if you have any questions please feel free to reach out and remember, if you Make Maine Your Home, you don’t have to do it alone!
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