A Probate Lawyer Can Help With Splitting an Inherited House

Losing an important part of your family is hard and can leave you frustrated, angry, and sad. Things become even worse when you learn that you are one of their heirs. In Nevada, heirs usually include the spouse of the deceased and their children but can also include their parents and siblings. Find out how you can split an inherited house with others and when you should call a probate lawyer.

When There’s a Will

It is much easier to divide an inherited house among multiple people when the deceased had a will. The will should name someone as the executor who is responsible for taking care of the estate, going through probate, and following the wishes expressed in the will. In some cases, a probate attorney in Las Vegas can function as the executor. Look at whether the will lays out who will inherit the home vs who will inherit other items. It may also provide each heir with a different percentage of the house. For example, your loved one may leave you 50% of the house and leave a smaller amount to others.

Without a Will

Things are more complicated when the deceased did not have a will. In Nevada, the house will go to relatives of the deceased. If they were not married and had kids, their children get their entire estate. When the deceased leaves behind a spouse and no children, the spouse becomes the sole owner. There are also conditions in which their grandchildren, siblings, and other family members can file a claim against the estate. You can only divide the house once you ensure that you know everyone who has a right to it.

File With Help from a Probate Lawyer

It’s not always as easy as just putting your name on the house and becoming the new owner. You often need to go through probate, which is a type of court filing. The executor of the estate needs to open the case. If the executor fails to do so, anyone with an interest in the estate can do so. During probate, the court will look at the bills that the person left behind and make sure that the estate has funds to cover those expenses.

Pay for the Upkeep

No one can inherit a home unless they keep paying for its general upkeep. This is especially true of a home that still has a mortgage. If you miss one or more of the mortgage payments, the lender can begin the foreclosure process. Even if you contact them and let them know you plan to go through probate, they can still foreclose on the house. A probate lawyer in Las Vegas can also help you find any other bills you need to pay such as the water and gas bills. You can ask that the executor pay these bills from the estate.

Cover the Property Tax

Anyone who owns a home must pay their property taxes each year. Nevada has many deductions that they can take to reduce the amount they owe. Once a loved one passes away though, those deductions end. The property tax is then based on the value of the home as it sits today. If the home is in rough shape, you may owe less than you thought. On the other hand, the house may be worth much more than you thought and have a high tax bill. Anyone who inherited the house can pay the property tax.

Sell the House

You do not need to keep a home that you inherit. If you live in a different state or already own a home, you might decide to sell it. Selling the house is one of the best ways to divide the property equally. You have the option of working with a real estate agent and letting them put it on the market. This may help you get the best offer. You can also sell the house yourself. If you have a loved one with an interest in the home, this is often the best option. Consult with a probate lawyer before you make an offer.

Buy Out Other Parties

When you inherit a home with one or more people, you might think that the majority rules. If the majority of the group wants to sell the house, you can sell it and split the money. This isn’t true though. Anyone with a share of the home can object to selling it. The best way to divide the house in this situation is with a buyout. To become the sole owner, work with a probate attorney to put in an offer. Your offer must meet the fair market value. Anyone else who inherited the home will divide the money you paid for it.

Check for a Successor in Interest

Before you decide to buy or sell an inherited home, check for a successor in interest. This is someone the deceased named as the next owner. If you are the successor in interest, you can take over the mortgage and even put your name on the deed. It’s just as likely that someone else can appear as the successor in interest. Always get in touch with the mortgage lender as soon as possible. They can let you know if there is a successor in interest or how you can become one as well as whether there is another name on the mortgage.

Become a Landlord

There may come a time when you want to keep the inherited home in your family, but no one wants to live with it. This can also occur if one family member needs time to get the funds together to buy the house. Your family can turn the home into a rental property. A property management company can take over the home’s maintenance and find worthy tenants. Once you subtract their fees, you can divide the monthly rent proceeds among anyone who inherited the house.

When to Consult an Attorney

The best time to consult an estate planning attorney in Las Vegas is when you have any questions about the process. Making just one mistake can cause big problems and affect probate. This can include waiting too long to open probate or ignoring the bills attached to the house. You should also talk with an attorney if the deceased had a guardianship Las Vegas contract in place. This may prevent you from selling or buying the house until everyone who inherited it reaches legal age. The right probate lawyer will help you handle all aspects of probate and decide how to split an inherited house with others.