Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Ty McDuffey
April 15, 2023
|
The intelligent digital vault for families
Trustworthy protects and optimizes important family information so you can save time, money, and enjoy peace of mind
Are you finding it difficult to decide what to do with a house you have inherited?
When deciding whether to sell your inherited home or rent it out, there are many things to consider, including which choice would offer you the best benefits in terms of financial stability, legal obligations, and physical maintenance.
So, is it better to sell or rent an inherited house?
Selling the house can be the wisest course of action if it needs pricey repairs or is out of state. However, if you have a strong emotional connection to the house and the mortgage is paid off, renting it out can be worthwhile.
Your particular circumstances and the home you inherited will determine whether it makes more sense to sell or rent an inherited property. Below, I’m going to share all the factors you need to consider, including the benefits and drawbacks of making this decision.
Key Takeaways
When a home is inherited, there are obligations in terms of money and law. You will be responsible for paying the mortgage, utilities, and property taxes. You could be tempted to sell the house for a big sum or list it for rent to generate more money.
If converting an inherited house into a rental property is not financially beneficial, would require a ton of work, or the location is not rent-desirable, it might be better to sell.
If an inherited house can successfully be converted into a rental and generate an additional income stream, it might be better to rent.
Should You Rent An Inherited House?
To avoid conflict with the local government, review your local housing laws.
To draw in the right tenants, you must present the house in the best possible way. Once you start getting requests for the residence, screen any prospective tenants.
You may increase revenue and attract tenants by setting a competitive rental rate. Obtain a lease agreement for the property and keep accurate records of your income and spending.
After renegotiating the mortgage and arranging for a professional examination and repair, only then should the home be rented out.
Pros
Taxes on Rental Property are Lower
Renting a house is a fantastic source of passive income.
This is not the same as earned income, which is money you get from your job. A portion of each paycheck you receive from your job goes to the IRS as FICA, Medicare, Social Security income, etc. The total amount of these taxes, which are withdrawn from every paycheck, is about 8%.
Many landlords start in the industry purely to convert their earned income to passive income, which is taxed differently.
Passive revenue is sometimes referred to as "mailbox money" by landlords. They don't actually need to "work" for it. Once a month, they go to the mailbox to collect the rent.
Tax deductions for depreciation and repairs may be available if you have rental revenue. You can deduct your property taxes, insurance premiums, maintenance costs, and mortgage interest if you own a rental property.
Rent Payments Can Cover an Existing Mortgage
You might be allowed to keep the house and let the rental revenue cover the debt if you inherited a property with a mortgage.
Along with the mortgage, you can use rental profits for additional expenses like landlord-specific insurance, vacancies, property taxes, and repairs.
Cons
Risky Tenants
The blessing and the curse of being a successful landlord are tenants. You appreciate your rental property if you have good tenants. You despise your rental property if you have problematic tenants.
It takes an intelligent landlord and thorough applicant screening to avoid poor tenants. That entails promptly addressing issues and complaints.
Even excellent landlords with thorough tenant screening occasionally run across troublesome renters. Every landlord has terrible stories about their tenants.
Tenants can damage the property or quit paying rent. You might end up spending money to evict your renters and deal with the fallout.
Making Repairs
Some tenants don't treat rental properties like their own. As a result, your inherited rental home might need more maintenance than a home you own.
Fixing significant problems like roof leaks, burst pipes, or electrical issues can be very expensive and reduce your rental income.
Obligated to Capitalize Rather than Deduct Expenses
Capitalization is the process through which deductions for costs that increase the value of your rental property are spread out over several years.
You might need to spread out the cost across several tax years if you put in a new roof that costs you $12,000. However, you might be able to fully deduct the expenditures if you wait a few years and repair the roof rather than replace it.
Usually, repairs are deductible in the year they are made. But improvements to your property must be dispersed.
Taxes and Depreciation Recapture
Appliances, paint, flooring, and many other things all experience wear and tear. You are "allowed" by the IRS to reduce the cost of products over time, even if you didn't spend any money on them. Who wouldn’t want additional tax breaks?
The IRS compels you to depreciate some items, but a "depreciation recapture tax" is due when you sell the property.
The years of deductions you have amassed are now due for payment by the IRS. The IRS taxes you at a flat rate of 25% on all your depreciation deductions when you take them out and seek to sell your rental property later.
This implies that you will have to pay 25% of your depreciation deductions if you decide to sell the house, even if you're retired or in a lower tax bracket.
Calculating Rental Income
Management and upkeep of a rental property are necessary. The owner may perform these duties or hire others and manage their work.
As a general rule, allocate 10% of the rent for property management and an additional 10% for maintenance.
Add these figures and deduct them from the rent amount, along with mortgage principal and interest, property taxes, and insurance.
Don't forget to factor in any HOA fees that could be necessary.
The leftover amount is your rental income.
Should I Insure the Property as a Landlord?
If you plan to rent the house, you should get insurance.
Most lenders actually require insurance if you're financing the property or still have a mortgage on it.
To determine the risk of insuring the residence, the insurer will want information on your renters' insurance histories, occupations, names, and dates of birth
When Would Landlord Insurance Be Necessary?
Get landlord home insurance coverage if you require protection from liability, property damage, and loss of income.
Theft, vandalism, or extreme weather conditions may result in property damage, and liability claims may include legal bills and medical expenses.
What is the One Percent Rule?
When determining if a property is profitable, keep in mind the 1% rule of real estate investing.
This rule states that residential property should generate a rental income equal to up to 1% of the purchase price each month. The house is not worth your investment if it generates less than 1%.
What is the 50% Rule?
Even a brand-new house will likely require a new roof in 20 years. It will require new paint and carpet in five years. These repairs will be required sooner if the house is older.
According to landlords that follow the 50% rule, between 25% and 50% of their rental income is lost due to vacancies, repairs, insurance, management, etc.
This percentage varies according to the neighborhood, the type of repairs the house will require, and how well it has been kept.
Even for repairs that are several years away, a seasoned landlord will plan for them and start saving money.
Additional Factors to Consider Before Renting an Inherited House
The cost of property management and maintenance will probably rise if you are an out-of-state heir because you will need to factor in the price of a property manager.
As the inherited home can’t be used until it is in a rentable condition, costly repairs must also be taken into account.
If your inherited home is located in a popular tourist destination or large city, you can anticipate a lower vacancy rate and higher rent.
Instead of only bringing in long-term tenants, inheriting a property in a popular area opens up the possibility of successfully marketing on vacation rental websites like Airbnb.
The emotional connection to the residence (especially if it's a family residence) is the last factor to be considered when renting a property. Renting will enable you to maintain the property while earning money if you're interested in caring for the family house and having tenants.
Should You Sell An Inherited House?
The inherited property may be sold. Selling the inheritance can be the best option if you split it with other family members. The sale revenues can then be equally divided among family members so that everyone gets their fair portion.
If you don't have the money to invest in it or if the house is located elsewhere, it can be a good idea to sell the property. It can also be practical if you cannot pay the maintenance and mortgage payments.
Wait for the probate court to make a decision on the estate before selling the home. You should pay all debts, including utilities, real estate taxes, homeowner's insurance, and mortgage payments.
Here are some pros and cons of selling the inheritance.
Pros
Managing Rental Properties Requires a lot of Work
Becoming a landlord can be expensive and time-consuming, and you shouldn't treat it like a hobby—it's business.
To decide if you're up for it long-term, you should consider the drawbacks of owning a rental property.
What if the house you inherited has neglected maintenance, requires numerous costly repairs, or is a hoarder residence?
When you sell a house as-is, the buyer purchases the home in its existing state, sparing you from paying for any upkeep or repairs that come with renting the house.
Even though the property is sold "as-is," you still have to disclose any known flaws to the buyer. Any potential buyer must be legally informed of any flaws you are aware of.
Avoiding Probate Saves Time and Money
A judicial procedure known as probate is used to handle a person's estate after death. Probate can be challenging, time-consuming, and expensive.
It can be hard for families to deal with the loss of a loved one while attending meetings with attorneys, accountants, mortuary services, and other professionals.
Quickly selling an inherited house can help families avoid a complex nightmare of legal and financial issues.
Cons
It Costs Money to Keep an Empty House
A vacant home sitting on the market incurs growing costs and ongoing expenses. Your finances can take a serious hit from property taxes, homeowners insurance, utilities, upkeep, and normal wear and tear.
If a house remains unoccupied, it will gradually deteriorate over time, which could cause its value to plummet significantly.
Inherited Houses Typically Need Repairs
Because the previous owners were frequently elderly, unwell, or just unable to do necessary maintenance, most inherited homes are in poor condition. Before selling it, the beneficiaries will be in charge of making all required repairs.
Even if everything goes according to plan and you hire a reliable contractor, repairs are expensive.
You’ll Have to Pay Capital Gains Tax
Unfortunately, you will have to pay capital gains tax if you sell the house you inherited. You will be required to pay capital gains tax on the difference between the original purchase and final sale prices.
If you inherit a home with an assessed value of $300,000 and sell it for $400,000, you must pay capital gains taxes on the $100,000 difference.
Selling the House to Siblings
Do you have a sibling who wants to buy the house? A sibling may be able to potentially purchase the family house at a discount if they do this while still enabling the other heirs to collect their inheritance.
This can greatly assist a sibling in need of a home. The only heirs who must be compensated when a sibling wishes to purchase the family home are the other heirs. As a result, the sibling can purchase the house for less money.
Selling a Mortgaged Home to a Family Member
You will still be responsible for paying the loan if you inherited a house with a bank mortgage.
Most loans have a provision allowing the lender to request full repayment of the loan if the property's ownership changes.
However, as long as the mortgage, insurance, and property taxes are still paid on time, family members can stay in the house.
You run the danger of the lender accelerating the mortgage payoff if a family member wishes to change the name listed as the owner on the title. If this occurs, the new owner must obtain a new loan to repay the existing lender.
The family member should ultimately try to get a loan to repay the current mortgage.
Selling Through a Real Estate Agent
You can sell your house through a real estate agent.
Perhaps all you need to do to maximize the value of your inheritance is to paint and carpet your home. You can spruce up the house and give it a new, clean, and inviting look for buyers for just a few thousand dollars. The best course of action in this situation is probably to sell using a realtor.
Unless you're in a seller's market, you probably won't be able to sell the house for top dollar if it needs a lot of repairs. Additionally, you’ll have to pay the real estate agent’s commission.
If You Don't Want to Sell an Inherited Home, There Are Other Options
If selling isn't the best option for you, there are several other possibilities. They consist of the following:
Live there for a while: Rather than immediately selling the house you inherited, you could decide to stay there for a while. When you finally decide to sell the house, you may be eligible for additional capital gains tax benefits if you have lived in it as your principal residence for at least two years.
Allow other heirs to buy you out: Do any other family members or heirs have strong opinions about what should happen to the property? You could give them the option to get rid of you. You get some money from this and are released from the responsibility of maintaining another property.
Additional Factors to Consider Before Selling an Inherited Home
What if the Property I Inherited Needs Pricey Repairs?
Calculate the cost of the repairs if the house you inherited needs numerous costly renovations, such as a new roof, HVAC system, or mold removal.
When it comes to big repairs, it's typical that the cost you incur won't be represented in the amount you get for the house when you sell it.
By selling to a local investor in your area, you can avoid having to pay for repairs since investors will buy homes in need of pricey repairs in their current state.
Is it Possible to Sell My Inherited House at a Loss?
Consider a short sale if the inherited house isn't worth what is due on it.
To avoid the inheritor having to make up any shortfall, the lender agrees to let the home's owner sell it for less than what is owed. Because the property is sold "at a loss," lenders must approve these sales.
Final Reflections
Deciding whether to rent or sell an inherited home depends on your situation, the property, and your ambitions.
The loss of the loved one who left you an inheritance might make you sad, and deciding what to do with the home can make you feel stressed.
If you recently received an inheritance, assess your financial circumstances and balance the advantages and disadvantages of renting vs. selling to determine which option is right for you.
Trustworthy can take your mortgage and insurance documents from disorganized file cabinets and empty file trees into one secure cloud-based location.
There are significant tax considerations when a house is inherited. Several different heirs might have a stake in the property. Everyone needs to be on the same page.
Trustworthy allows families to keep up-to-date copies of estate planning documents that can be accessed anywhere. You can invite your CPA to collaborate on loans and tax filing information.
Don’t let an inherited house cause you more trouble than it should. Start your free 14-day trial with Trustworthy and keep your documents organized in one place.
Related Articles
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Ty McDuffey
April 15, 2023
|
Are you finding it difficult to decide what to do with a house you have inherited?
When deciding whether to sell your inherited home or rent it out, there are many things to consider, including which choice would offer you the best benefits in terms of financial stability, legal obligations, and physical maintenance.
So, is it better to sell or rent an inherited house?
Selling the house can be the wisest course of action if it needs pricey repairs or is out of state. However, if you have a strong emotional connection to the house and the mortgage is paid off, renting it out can be worthwhile.
Your particular circumstances and the home you inherited will determine whether it makes more sense to sell or rent an inherited property. Below, I’m going to share all the factors you need to consider, including the benefits and drawbacks of making this decision.
Key Takeaways
When a home is inherited, there are obligations in terms of money and law. You will be responsible for paying the mortgage, utilities, and property taxes. You could be tempted to sell the house for a big sum or list it for rent to generate more money.
If converting an inherited house into a rental property is not financially beneficial, would require a ton of work, or the location is not rent-desirable, it might be better to sell.
If an inherited house can successfully be converted into a rental and generate an additional income stream, it might be better to rent.
Should You Rent An Inherited House?
To avoid conflict with the local government, review your local housing laws.
To draw in the right tenants, you must present the house in the best possible way. Once you start getting requests for the residence, screen any prospective tenants.
You may increase revenue and attract tenants by setting a competitive rental rate. Obtain a lease agreement for the property and keep accurate records of your income and spending.
After renegotiating the mortgage and arranging for a professional examination and repair, only then should the home be rented out.
Pros
Taxes on Rental Property are Lower
Renting a house is a fantastic source of passive income.
This is not the same as earned income, which is money you get from your job. A portion of each paycheck you receive from your job goes to the IRS as FICA, Medicare, Social Security income, etc. The total amount of these taxes, which are withdrawn from every paycheck, is about 8%.
Many landlords start in the industry purely to convert their earned income to passive income, which is taxed differently.
Passive revenue is sometimes referred to as "mailbox money" by landlords. They don't actually need to "work" for it. Once a month, they go to the mailbox to collect the rent.
Tax deductions for depreciation and repairs may be available if you have rental revenue. You can deduct your property taxes, insurance premiums, maintenance costs, and mortgage interest if you own a rental property.
Rent Payments Can Cover an Existing Mortgage
You might be allowed to keep the house and let the rental revenue cover the debt if you inherited a property with a mortgage.
Along with the mortgage, you can use rental profits for additional expenses like landlord-specific insurance, vacancies, property taxes, and repairs.
Cons
Risky Tenants
The blessing and the curse of being a successful landlord are tenants. You appreciate your rental property if you have good tenants. You despise your rental property if you have problematic tenants.
It takes an intelligent landlord and thorough applicant screening to avoid poor tenants. That entails promptly addressing issues and complaints.
Even excellent landlords with thorough tenant screening occasionally run across troublesome renters. Every landlord has terrible stories about their tenants.
Tenants can damage the property or quit paying rent. You might end up spending money to evict your renters and deal with the fallout.
Making Repairs
Some tenants don't treat rental properties like their own. As a result, your inherited rental home might need more maintenance than a home you own.
Fixing significant problems like roof leaks, burst pipes, or electrical issues can be very expensive and reduce your rental income.
Obligated to Capitalize Rather than Deduct Expenses
Capitalization is the process through which deductions for costs that increase the value of your rental property are spread out over several years.
You might need to spread out the cost across several tax years if you put in a new roof that costs you $12,000. However, you might be able to fully deduct the expenditures if you wait a few years and repair the roof rather than replace it.
Usually, repairs are deductible in the year they are made. But improvements to your property must be dispersed.
Taxes and Depreciation Recapture
Appliances, paint, flooring, and many other things all experience wear and tear. You are "allowed" by the IRS to reduce the cost of products over time, even if you didn't spend any money on them. Who wouldn’t want additional tax breaks?
The IRS compels you to depreciate some items, but a "depreciation recapture tax" is due when you sell the property.
The years of deductions you have amassed are now due for payment by the IRS. The IRS taxes you at a flat rate of 25% on all your depreciation deductions when you take them out and seek to sell your rental property later.
This implies that you will have to pay 25% of your depreciation deductions if you decide to sell the house, even if you're retired or in a lower tax bracket.
Calculating Rental Income
Management and upkeep of a rental property are necessary. The owner may perform these duties or hire others and manage their work.
As a general rule, allocate 10% of the rent for property management and an additional 10% for maintenance.
Add these figures and deduct them from the rent amount, along with mortgage principal and interest, property taxes, and insurance.
Don't forget to factor in any HOA fees that could be necessary.
The leftover amount is your rental income.
Should I Insure the Property as a Landlord?
If you plan to rent the house, you should get insurance.
Most lenders actually require insurance if you're financing the property or still have a mortgage on it.
To determine the risk of insuring the residence, the insurer will want information on your renters' insurance histories, occupations, names, and dates of birth
When Would Landlord Insurance Be Necessary?
Get landlord home insurance coverage if you require protection from liability, property damage, and loss of income.
Theft, vandalism, or extreme weather conditions may result in property damage, and liability claims may include legal bills and medical expenses.
What is the One Percent Rule?
When determining if a property is profitable, keep in mind the 1% rule of real estate investing.
This rule states that residential property should generate a rental income equal to up to 1% of the purchase price each month. The house is not worth your investment if it generates less than 1%.
What is the 50% Rule?
Even a brand-new house will likely require a new roof in 20 years. It will require new paint and carpet in five years. These repairs will be required sooner if the house is older.
According to landlords that follow the 50% rule, between 25% and 50% of their rental income is lost due to vacancies, repairs, insurance, management, etc.
This percentage varies according to the neighborhood, the type of repairs the house will require, and how well it has been kept.
Even for repairs that are several years away, a seasoned landlord will plan for them and start saving money.
Additional Factors to Consider Before Renting an Inherited House
The cost of property management and maintenance will probably rise if you are an out-of-state heir because you will need to factor in the price of a property manager.
As the inherited home can’t be used until it is in a rentable condition, costly repairs must also be taken into account.
If your inherited home is located in a popular tourist destination or large city, you can anticipate a lower vacancy rate and higher rent.
Instead of only bringing in long-term tenants, inheriting a property in a popular area opens up the possibility of successfully marketing on vacation rental websites like Airbnb.
The emotional connection to the residence (especially if it's a family residence) is the last factor to be considered when renting a property. Renting will enable you to maintain the property while earning money if you're interested in caring for the family house and having tenants.
Should You Sell An Inherited House?
The inherited property may be sold. Selling the inheritance can be the best option if you split it with other family members. The sale revenues can then be equally divided among family members so that everyone gets their fair portion.
If you don't have the money to invest in it or if the house is located elsewhere, it can be a good idea to sell the property. It can also be practical if you cannot pay the maintenance and mortgage payments.
Wait for the probate court to make a decision on the estate before selling the home. You should pay all debts, including utilities, real estate taxes, homeowner's insurance, and mortgage payments.
Here are some pros and cons of selling the inheritance.
Pros
Managing Rental Properties Requires a lot of Work
Becoming a landlord can be expensive and time-consuming, and you shouldn't treat it like a hobby—it's business.
To decide if you're up for it long-term, you should consider the drawbacks of owning a rental property.
What if the house you inherited has neglected maintenance, requires numerous costly repairs, or is a hoarder residence?
When you sell a house as-is, the buyer purchases the home in its existing state, sparing you from paying for any upkeep or repairs that come with renting the house.
Even though the property is sold "as-is," you still have to disclose any known flaws to the buyer. Any potential buyer must be legally informed of any flaws you are aware of.
Avoiding Probate Saves Time and Money
A judicial procedure known as probate is used to handle a person's estate after death. Probate can be challenging, time-consuming, and expensive.
It can be hard for families to deal with the loss of a loved one while attending meetings with attorneys, accountants, mortuary services, and other professionals.
Quickly selling an inherited house can help families avoid a complex nightmare of legal and financial issues.
Cons
It Costs Money to Keep an Empty House
A vacant home sitting on the market incurs growing costs and ongoing expenses. Your finances can take a serious hit from property taxes, homeowners insurance, utilities, upkeep, and normal wear and tear.
If a house remains unoccupied, it will gradually deteriorate over time, which could cause its value to plummet significantly.
Inherited Houses Typically Need Repairs
Because the previous owners were frequently elderly, unwell, or just unable to do necessary maintenance, most inherited homes are in poor condition. Before selling it, the beneficiaries will be in charge of making all required repairs.
Even if everything goes according to plan and you hire a reliable contractor, repairs are expensive.
You’ll Have to Pay Capital Gains Tax
Unfortunately, you will have to pay capital gains tax if you sell the house you inherited. You will be required to pay capital gains tax on the difference between the original purchase and final sale prices.
If you inherit a home with an assessed value of $300,000 and sell it for $400,000, you must pay capital gains taxes on the $100,000 difference.
Selling the House to Siblings
Do you have a sibling who wants to buy the house? A sibling may be able to potentially purchase the family house at a discount if they do this while still enabling the other heirs to collect their inheritance.
This can greatly assist a sibling in need of a home. The only heirs who must be compensated when a sibling wishes to purchase the family home are the other heirs. As a result, the sibling can purchase the house for less money.
Selling a Mortgaged Home to a Family Member
You will still be responsible for paying the loan if you inherited a house with a bank mortgage.
Most loans have a provision allowing the lender to request full repayment of the loan if the property's ownership changes.
However, as long as the mortgage, insurance, and property taxes are still paid on time, family members can stay in the house.
You run the danger of the lender accelerating the mortgage payoff if a family member wishes to change the name listed as the owner on the title. If this occurs, the new owner must obtain a new loan to repay the existing lender.
The family member should ultimately try to get a loan to repay the current mortgage.
Selling Through a Real Estate Agent
You can sell your house through a real estate agent.
Perhaps all you need to do to maximize the value of your inheritance is to paint and carpet your home. You can spruce up the house and give it a new, clean, and inviting look for buyers for just a few thousand dollars. The best course of action in this situation is probably to sell using a realtor.
Unless you're in a seller's market, you probably won't be able to sell the house for top dollar if it needs a lot of repairs. Additionally, you’ll have to pay the real estate agent’s commission.
If You Don't Want to Sell an Inherited Home, There Are Other Options
If selling isn't the best option for you, there are several other possibilities. They consist of the following:
Live there for a while: Rather than immediately selling the house you inherited, you could decide to stay there for a while. When you finally decide to sell the house, you may be eligible for additional capital gains tax benefits if you have lived in it as your principal residence for at least two years.
Allow other heirs to buy you out: Do any other family members or heirs have strong opinions about what should happen to the property? You could give them the option to get rid of you. You get some money from this and are released from the responsibility of maintaining another property.
Additional Factors to Consider Before Selling an Inherited Home
What if the Property I Inherited Needs Pricey Repairs?
Calculate the cost of the repairs if the house you inherited needs numerous costly renovations, such as a new roof, HVAC system, or mold removal.
When it comes to big repairs, it's typical that the cost you incur won't be represented in the amount you get for the house when you sell it.
By selling to a local investor in your area, you can avoid having to pay for repairs since investors will buy homes in need of pricey repairs in their current state.
Is it Possible to Sell My Inherited House at a Loss?
Consider a short sale if the inherited house isn't worth what is due on it.
To avoid the inheritor having to make up any shortfall, the lender agrees to let the home's owner sell it for less than what is owed. Because the property is sold "at a loss," lenders must approve these sales.
Final Reflections
Deciding whether to rent or sell an inherited home depends on your situation, the property, and your ambitions.
The loss of the loved one who left you an inheritance might make you sad, and deciding what to do with the home can make you feel stressed.
If you recently received an inheritance, assess your financial circumstances and balance the advantages and disadvantages of renting vs. selling to determine which option is right for you.
Trustworthy can take your mortgage and insurance documents from disorganized file cabinets and empty file trees into one secure cloud-based location.
There are significant tax considerations when a house is inherited. Several different heirs might have a stake in the property. Everyone needs to be on the same page.
Trustworthy allows families to keep up-to-date copies of estate planning documents that can be accessed anywhere. You can invite your CPA to collaborate on loans and tax filing information.
Don’t let an inherited house cause you more trouble than it should. Start your free 14-day trial with Trustworthy and keep your documents organized in one place.
Related Articles
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Ty McDuffey
April 15, 2023
|
The intelligent digital vault for families
Trustworthy protects and optimizes important family information so you can save time, money, and enjoy peace of mind
Are you finding it difficult to decide what to do with a house you have inherited?
When deciding whether to sell your inherited home or rent it out, there are many things to consider, including which choice would offer you the best benefits in terms of financial stability, legal obligations, and physical maintenance.
So, is it better to sell or rent an inherited house?
Selling the house can be the wisest course of action if it needs pricey repairs or is out of state. However, if you have a strong emotional connection to the house and the mortgage is paid off, renting it out can be worthwhile.
Your particular circumstances and the home you inherited will determine whether it makes more sense to sell or rent an inherited property. Below, I’m going to share all the factors you need to consider, including the benefits and drawbacks of making this decision.
Key Takeaways
When a home is inherited, there are obligations in terms of money and law. You will be responsible for paying the mortgage, utilities, and property taxes. You could be tempted to sell the house for a big sum or list it for rent to generate more money.
If converting an inherited house into a rental property is not financially beneficial, would require a ton of work, or the location is not rent-desirable, it might be better to sell.
If an inherited house can successfully be converted into a rental and generate an additional income stream, it might be better to rent.
Should You Rent An Inherited House?
To avoid conflict with the local government, review your local housing laws.
To draw in the right tenants, you must present the house in the best possible way. Once you start getting requests for the residence, screen any prospective tenants.
You may increase revenue and attract tenants by setting a competitive rental rate. Obtain a lease agreement for the property and keep accurate records of your income and spending.
After renegotiating the mortgage and arranging for a professional examination and repair, only then should the home be rented out.
Pros
Taxes on Rental Property are Lower
Renting a house is a fantastic source of passive income.
This is not the same as earned income, which is money you get from your job. A portion of each paycheck you receive from your job goes to the IRS as FICA, Medicare, Social Security income, etc. The total amount of these taxes, which are withdrawn from every paycheck, is about 8%.
Many landlords start in the industry purely to convert their earned income to passive income, which is taxed differently.
Passive revenue is sometimes referred to as "mailbox money" by landlords. They don't actually need to "work" for it. Once a month, they go to the mailbox to collect the rent.
Tax deductions for depreciation and repairs may be available if you have rental revenue. You can deduct your property taxes, insurance premiums, maintenance costs, and mortgage interest if you own a rental property.
Rent Payments Can Cover an Existing Mortgage
You might be allowed to keep the house and let the rental revenue cover the debt if you inherited a property with a mortgage.
Along with the mortgage, you can use rental profits for additional expenses like landlord-specific insurance, vacancies, property taxes, and repairs.
Cons
Risky Tenants
The blessing and the curse of being a successful landlord are tenants. You appreciate your rental property if you have good tenants. You despise your rental property if you have problematic tenants.
It takes an intelligent landlord and thorough applicant screening to avoid poor tenants. That entails promptly addressing issues and complaints.
Even excellent landlords with thorough tenant screening occasionally run across troublesome renters. Every landlord has terrible stories about their tenants.
Tenants can damage the property or quit paying rent. You might end up spending money to evict your renters and deal with the fallout.
Making Repairs
Some tenants don't treat rental properties like their own. As a result, your inherited rental home might need more maintenance than a home you own.
Fixing significant problems like roof leaks, burst pipes, or electrical issues can be very expensive and reduce your rental income.
Obligated to Capitalize Rather than Deduct Expenses
Capitalization is the process through which deductions for costs that increase the value of your rental property are spread out over several years.
You might need to spread out the cost across several tax years if you put in a new roof that costs you $12,000. However, you might be able to fully deduct the expenditures if you wait a few years and repair the roof rather than replace it.
Usually, repairs are deductible in the year they are made. But improvements to your property must be dispersed.
Taxes and Depreciation Recapture
Appliances, paint, flooring, and many other things all experience wear and tear. You are "allowed" by the IRS to reduce the cost of products over time, even if you didn't spend any money on them. Who wouldn’t want additional tax breaks?
The IRS compels you to depreciate some items, but a "depreciation recapture tax" is due when you sell the property.
The years of deductions you have amassed are now due for payment by the IRS. The IRS taxes you at a flat rate of 25% on all your depreciation deductions when you take them out and seek to sell your rental property later.
This implies that you will have to pay 25% of your depreciation deductions if you decide to sell the house, even if you're retired or in a lower tax bracket.
Calculating Rental Income
Management and upkeep of a rental property are necessary. The owner may perform these duties or hire others and manage their work.
As a general rule, allocate 10% of the rent for property management and an additional 10% for maintenance.
Add these figures and deduct them from the rent amount, along with mortgage principal and interest, property taxes, and insurance.
Don't forget to factor in any HOA fees that could be necessary.
The leftover amount is your rental income.
Should I Insure the Property as a Landlord?
If you plan to rent the house, you should get insurance.
Most lenders actually require insurance if you're financing the property or still have a mortgage on it.
To determine the risk of insuring the residence, the insurer will want information on your renters' insurance histories, occupations, names, and dates of birth
When Would Landlord Insurance Be Necessary?
Get landlord home insurance coverage if you require protection from liability, property damage, and loss of income.
Theft, vandalism, or extreme weather conditions may result in property damage, and liability claims may include legal bills and medical expenses.
What is the One Percent Rule?
When determining if a property is profitable, keep in mind the 1% rule of real estate investing.
This rule states that residential property should generate a rental income equal to up to 1% of the purchase price each month. The house is not worth your investment if it generates less than 1%.
What is the 50% Rule?
Even a brand-new house will likely require a new roof in 20 years. It will require new paint and carpet in five years. These repairs will be required sooner if the house is older.
According to landlords that follow the 50% rule, between 25% and 50% of their rental income is lost due to vacancies, repairs, insurance, management, etc.
This percentage varies according to the neighborhood, the type of repairs the house will require, and how well it has been kept.
Even for repairs that are several years away, a seasoned landlord will plan for them and start saving money.
Additional Factors to Consider Before Renting an Inherited House
The cost of property management and maintenance will probably rise if you are an out-of-state heir because you will need to factor in the price of a property manager.
As the inherited home can’t be used until it is in a rentable condition, costly repairs must also be taken into account.
If your inherited home is located in a popular tourist destination or large city, you can anticipate a lower vacancy rate and higher rent.
Instead of only bringing in long-term tenants, inheriting a property in a popular area opens up the possibility of successfully marketing on vacation rental websites like Airbnb.
The emotional connection to the residence (especially if it's a family residence) is the last factor to be considered when renting a property. Renting will enable you to maintain the property while earning money if you're interested in caring for the family house and having tenants.
Should You Sell An Inherited House?
The inherited property may be sold. Selling the inheritance can be the best option if you split it with other family members. The sale revenues can then be equally divided among family members so that everyone gets their fair portion.
If you don't have the money to invest in it or if the house is located elsewhere, it can be a good idea to sell the property. It can also be practical if you cannot pay the maintenance and mortgage payments.
Wait for the probate court to make a decision on the estate before selling the home. You should pay all debts, including utilities, real estate taxes, homeowner's insurance, and mortgage payments.
Here are some pros and cons of selling the inheritance.
Pros
Managing Rental Properties Requires a lot of Work
Becoming a landlord can be expensive and time-consuming, and you shouldn't treat it like a hobby—it's business.
To decide if you're up for it long-term, you should consider the drawbacks of owning a rental property.
What if the house you inherited has neglected maintenance, requires numerous costly repairs, or is a hoarder residence?
When you sell a house as-is, the buyer purchases the home in its existing state, sparing you from paying for any upkeep or repairs that come with renting the house.
Even though the property is sold "as-is," you still have to disclose any known flaws to the buyer. Any potential buyer must be legally informed of any flaws you are aware of.
Avoiding Probate Saves Time and Money
A judicial procedure known as probate is used to handle a person's estate after death. Probate can be challenging, time-consuming, and expensive.
It can be hard for families to deal with the loss of a loved one while attending meetings with attorneys, accountants, mortuary services, and other professionals.
Quickly selling an inherited house can help families avoid a complex nightmare of legal and financial issues.
Cons
It Costs Money to Keep an Empty House
A vacant home sitting on the market incurs growing costs and ongoing expenses. Your finances can take a serious hit from property taxes, homeowners insurance, utilities, upkeep, and normal wear and tear.
If a house remains unoccupied, it will gradually deteriorate over time, which could cause its value to plummet significantly.
Inherited Houses Typically Need Repairs
Because the previous owners were frequently elderly, unwell, or just unable to do necessary maintenance, most inherited homes are in poor condition. Before selling it, the beneficiaries will be in charge of making all required repairs.
Even if everything goes according to plan and you hire a reliable contractor, repairs are expensive.
You’ll Have to Pay Capital Gains Tax
Unfortunately, you will have to pay capital gains tax if you sell the house you inherited. You will be required to pay capital gains tax on the difference between the original purchase and final sale prices.
If you inherit a home with an assessed value of $300,000 and sell it for $400,000, you must pay capital gains taxes on the $100,000 difference.
Selling the House to Siblings
Do you have a sibling who wants to buy the house? A sibling may be able to potentially purchase the family house at a discount if they do this while still enabling the other heirs to collect their inheritance.
This can greatly assist a sibling in need of a home. The only heirs who must be compensated when a sibling wishes to purchase the family home are the other heirs. As a result, the sibling can purchase the house for less money.
Selling a Mortgaged Home to a Family Member
You will still be responsible for paying the loan if you inherited a house with a bank mortgage.
Most loans have a provision allowing the lender to request full repayment of the loan if the property's ownership changes.
However, as long as the mortgage, insurance, and property taxes are still paid on time, family members can stay in the house.
You run the danger of the lender accelerating the mortgage payoff if a family member wishes to change the name listed as the owner on the title. If this occurs, the new owner must obtain a new loan to repay the existing lender.
The family member should ultimately try to get a loan to repay the current mortgage.
Selling Through a Real Estate Agent
You can sell your house through a real estate agent.
Perhaps all you need to do to maximize the value of your inheritance is to paint and carpet your home. You can spruce up the house and give it a new, clean, and inviting look for buyers for just a few thousand dollars. The best course of action in this situation is probably to sell using a realtor.
Unless you're in a seller's market, you probably won't be able to sell the house for top dollar if it needs a lot of repairs. Additionally, you’ll have to pay the real estate agent’s commission.
If You Don't Want to Sell an Inherited Home, There Are Other Options
If selling isn't the best option for you, there are several other possibilities. They consist of the following:
Live there for a while: Rather than immediately selling the house you inherited, you could decide to stay there for a while. When you finally decide to sell the house, you may be eligible for additional capital gains tax benefits if you have lived in it as your principal residence for at least two years.
Allow other heirs to buy you out: Do any other family members or heirs have strong opinions about what should happen to the property? You could give them the option to get rid of you. You get some money from this and are released from the responsibility of maintaining another property.
Additional Factors to Consider Before Selling an Inherited Home
What if the Property I Inherited Needs Pricey Repairs?
Calculate the cost of the repairs if the house you inherited needs numerous costly renovations, such as a new roof, HVAC system, or mold removal.
When it comes to big repairs, it's typical that the cost you incur won't be represented in the amount you get for the house when you sell it.
By selling to a local investor in your area, you can avoid having to pay for repairs since investors will buy homes in need of pricey repairs in their current state.
Is it Possible to Sell My Inherited House at a Loss?
Consider a short sale if the inherited house isn't worth what is due on it.
To avoid the inheritor having to make up any shortfall, the lender agrees to let the home's owner sell it for less than what is owed. Because the property is sold "at a loss," lenders must approve these sales.
Final Reflections
Deciding whether to rent or sell an inherited home depends on your situation, the property, and your ambitions.
The loss of the loved one who left you an inheritance might make you sad, and deciding what to do with the home can make you feel stressed.
If you recently received an inheritance, assess your financial circumstances and balance the advantages and disadvantages of renting vs. selling to determine which option is right for you.
Trustworthy can take your mortgage and insurance documents from disorganized file cabinets and empty file trees into one secure cloud-based location.
There are significant tax considerations when a house is inherited. Several different heirs might have a stake in the property. Everyone needs to be on the same page.
Trustworthy allows families to keep up-to-date copies of estate planning documents that can be accessed anywhere. You can invite your CPA to collaborate on loans and tax filing information.
Don’t let an inherited house cause you more trouble than it should. Start your free 14-day trial with Trustworthy and keep your documents organized in one place.
Related Articles
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Ty McDuffey
April 15, 2023
|
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Are you finding it difficult to decide what to do with a house you have inherited?
When deciding whether to sell your inherited home or rent it out, there are many things to consider, including which choice would offer you the best benefits in terms of financial stability, legal obligations, and physical maintenance.
So, is it better to sell or rent an inherited house?
Selling the house can be the wisest course of action if it needs pricey repairs or is out of state. However, if you have a strong emotional connection to the house and the mortgage is paid off, renting it out can be worthwhile.
Your particular circumstances and the home you inherited will determine whether it makes more sense to sell or rent an inherited property. Below, I’m going to share all the factors you need to consider, including the benefits and drawbacks of making this decision.
Key Takeaways
When a home is inherited, there are obligations in terms of money and law. You will be responsible for paying the mortgage, utilities, and property taxes. You could be tempted to sell the house for a big sum or list it for rent to generate more money.
If converting an inherited house into a rental property is not financially beneficial, would require a ton of work, or the location is not rent-desirable, it might be better to sell.
If an inherited house can successfully be converted into a rental and generate an additional income stream, it might be better to rent.
Should You Rent An Inherited House?
To avoid conflict with the local government, review your local housing laws.
To draw in the right tenants, you must present the house in the best possible way. Once you start getting requests for the residence, screen any prospective tenants.
You may increase revenue and attract tenants by setting a competitive rental rate. Obtain a lease agreement for the property and keep accurate records of your income and spending.
After renegotiating the mortgage and arranging for a professional examination and repair, only then should the home be rented out.
Pros
Taxes on Rental Property are Lower
Renting a house is a fantastic source of passive income.
This is not the same as earned income, which is money you get from your job. A portion of each paycheck you receive from your job goes to the IRS as FICA, Medicare, Social Security income, etc. The total amount of these taxes, which are withdrawn from every paycheck, is about 8%.
Many landlords start in the industry purely to convert their earned income to passive income, which is taxed differently.
Passive revenue is sometimes referred to as "mailbox money" by landlords. They don't actually need to "work" for it. Once a month, they go to the mailbox to collect the rent.
Tax deductions for depreciation and repairs may be available if you have rental revenue. You can deduct your property taxes, insurance premiums, maintenance costs, and mortgage interest if you own a rental property.
Rent Payments Can Cover an Existing Mortgage
You might be allowed to keep the house and let the rental revenue cover the debt if you inherited a property with a mortgage.
Along with the mortgage, you can use rental profits for additional expenses like landlord-specific insurance, vacancies, property taxes, and repairs.
Cons
Risky Tenants
The blessing and the curse of being a successful landlord are tenants. You appreciate your rental property if you have good tenants. You despise your rental property if you have problematic tenants.
It takes an intelligent landlord and thorough applicant screening to avoid poor tenants. That entails promptly addressing issues and complaints.
Even excellent landlords with thorough tenant screening occasionally run across troublesome renters. Every landlord has terrible stories about their tenants.
Tenants can damage the property or quit paying rent. You might end up spending money to evict your renters and deal with the fallout.
Making Repairs
Some tenants don't treat rental properties like their own. As a result, your inherited rental home might need more maintenance than a home you own.
Fixing significant problems like roof leaks, burst pipes, or electrical issues can be very expensive and reduce your rental income.
Obligated to Capitalize Rather than Deduct Expenses
Capitalization is the process through which deductions for costs that increase the value of your rental property are spread out over several years.
You might need to spread out the cost across several tax years if you put in a new roof that costs you $12,000. However, you might be able to fully deduct the expenditures if you wait a few years and repair the roof rather than replace it.
Usually, repairs are deductible in the year they are made. But improvements to your property must be dispersed.
Taxes and Depreciation Recapture
Appliances, paint, flooring, and many other things all experience wear and tear. You are "allowed" by the IRS to reduce the cost of products over time, even if you didn't spend any money on them. Who wouldn’t want additional tax breaks?
The IRS compels you to depreciate some items, but a "depreciation recapture tax" is due when you sell the property.
The years of deductions you have amassed are now due for payment by the IRS. The IRS taxes you at a flat rate of 25% on all your depreciation deductions when you take them out and seek to sell your rental property later.
This implies that you will have to pay 25% of your depreciation deductions if you decide to sell the house, even if you're retired or in a lower tax bracket.
Calculating Rental Income
Management and upkeep of a rental property are necessary. The owner may perform these duties or hire others and manage their work.
As a general rule, allocate 10% of the rent for property management and an additional 10% for maintenance.
Add these figures and deduct them from the rent amount, along with mortgage principal and interest, property taxes, and insurance.
Don't forget to factor in any HOA fees that could be necessary.
The leftover amount is your rental income.
Should I Insure the Property as a Landlord?
If you plan to rent the house, you should get insurance.
Most lenders actually require insurance if you're financing the property or still have a mortgage on it.
To determine the risk of insuring the residence, the insurer will want information on your renters' insurance histories, occupations, names, and dates of birth
When Would Landlord Insurance Be Necessary?
Get landlord home insurance coverage if you require protection from liability, property damage, and loss of income.
Theft, vandalism, or extreme weather conditions may result in property damage, and liability claims may include legal bills and medical expenses.
What is the One Percent Rule?
When determining if a property is profitable, keep in mind the 1% rule of real estate investing.
This rule states that residential property should generate a rental income equal to up to 1% of the purchase price each month. The house is not worth your investment if it generates less than 1%.
What is the 50% Rule?
Even a brand-new house will likely require a new roof in 20 years. It will require new paint and carpet in five years. These repairs will be required sooner if the house is older.
According to landlords that follow the 50% rule, between 25% and 50% of their rental income is lost due to vacancies, repairs, insurance, management, etc.
This percentage varies according to the neighborhood, the type of repairs the house will require, and how well it has been kept.
Even for repairs that are several years away, a seasoned landlord will plan for them and start saving money.
Additional Factors to Consider Before Renting an Inherited House
The cost of property management and maintenance will probably rise if you are an out-of-state heir because you will need to factor in the price of a property manager.
As the inherited home can’t be used until it is in a rentable condition, costly repairs must also be taken into account.
If your inherited home is located in a popular tourist destination or large city, you can anticipate a lower vacancy rate and higher rent.
Instead of only bringing in long-term tenants, inheriting a property in a popular area opens up the possibility of successfully marketing on vacation rental websites like Airbnb.
The emotional connection to the residence (especially if it's a family residence) is the last factor to be considered when renting a property. Renting will enable you to maintain the property while earning money if you're interested in caring for the family house and having tenants.
Should You Sell An Inherited House?
The inherited property may be sold. Selling the inheritance can be the best option if you split it with other family members. The sale revenues can then be equally divided among family members so that everyone gets their fair portion.
If you don't have the money to invest in it or if the house is located elsewhere, it can be a good idea to sell the property. It can also be practical if you cannot pay the maintenance and mortgage payments.
Wait for the probate court to make a decision on the estate before selling the home. You should pay all debts, including utilities, real estate taxes, homeowner's insurance, and mortgage payments.
Here are some pros and cons of selling the inheritance.
Pros
Managing Rental Properties Requires a lot of Work
Becoming a landlord can be expensive and time-consuming, and you shouldn't treat it like a hobby—it's business.
To decide if you're up for it long-term, you should consider the drawbacks of owning a rental property.
What if the house you inherited has neglected maintenance, requires numerous costly repairs, or is a hoarder residence?
When you sell a house as-is, the buyer purchases the home in its existing state, sparing you from paying for any upkeep or repairs that come with renting the house.
Even though the property is sold "as-is," you still have to disclose any known flaws to the buyer. Any potential buyer must be legally informed of any flaws you are aware of.
Avoiding Probate Saves Time and Money
A judicial procedure known as probate is used to handle a person's estate after death. Probate can be challenging, time-consuming, and expensive.
It can be hard for families to deal with the loss of a loved one while attending meetings with attorneys, accountants, mortuary services, and other professionals.
Quickly selling an inherited house can help families avoid a complex nightmare of legal and financial issues.
Cons
It Costs Money to Keep an Empty House
A vacant home sitting on the market incurs growing costs and ongoing expenses. Your finances can take a serious hit from property taxes, homeowners insurance, utilities, upkeep, and normal wear and tear.
If a house remains unoccupied, it will gradually deteriorate over time, which could cause its value to plummet significantly.
Inherited Houses Typically Need Repairs
Because the previous owners were frequently elderly, unwell, or just unable to do necessary maintenance, most inherited homes are in poor condition. Before selling it, the beneficiaries will be in charge of making all required repairs.
Even if everything goes according to plan and you hire a reliable contractor, repairs are expensive.
You’ll Have to Pay Capital Gains Tax
Unfortunately, you will have to pay capital gains tax if you sell the house you inherited. You will be required to pay capital gains tax on the difference between the original purchase and final sale prices.
If you inherit a home with an assessed value of $300,000 and sell it for $400,000, you must pay capital gains taxes on the $100,000 difference.
Selling the House to Siblings
Do you have a sibling who wants to buy the house? A sibling may be able to potentially purchase the family house at a discount if they do this while still enabling the other heirs to collect their inheritance.
This can greatly assist a sibling in need of a home. The only heirs who must be compensated when a sibling wishes to purchase the family home are the other heirs. As a result, the sibling can purchase the house for less money.
Selling a Mortgaged Home to a Family Member
You will still be responsible for paying the loan if you inherited a house with a bank mortgage.
Most loans have a provision allowing the lender to request full repayment of the loan if the property's ownership changes.
However, as long as the mortgage, insurance, and property taxes are still paid on time, family members can stay in the house.
You run the danger of the lender accelerating the mortgage payoff if a family member wishes to change the name listed as the owner on the title. If this occurs, the new owner must obtain a new loan to repay the existing lender.
The family member should ultimately try to get a loan to repay the current mortgage.
Selling Through a Real Estate Agent
You can sell your house through a real estate agent.
Perhaps all you need to do to maximize the value of your inheritance is to paint and carpet your home. You can spruce up the house and give it a new, clean, and inviting look for buyers for just a few thousand dollars. The best course of action in this situation is probably to sell using a realtor.
Unless you're in a seller's market, you probably won't be able to sell the house for top dollar if it needs a lot of repairs. Additionally, you’ll have to pay the real estate agent’s commission.
If You Don't Want to Sell an Inherited Home, There Are Other Options
If selling isn't the best option for you, there are several other possibilities. They consist of the following:
Live there for a while: Rather than immediately selling the house you inherited, you could decide to stay there for a while. When you finally decide to sell the house, you may be eligible for additional capital gains tax benefits if you have lived in it as your principal residence for at least two years.
Allow other heirs to buy you out: Do any other family members or heirs have strong opinions about what should happen to the property? You could give them the option to get rid of you. You get some money from this and are released from the responsibility of maintaining another property.
Additional Factors to Consider Before Selling an Inherited Home
What if the Property I Inherited Needs Pricey Repairs?
Calculate the cost of the repairs if the house you inherited needs numerous costly renovations, such as a new roof, HVAC system, or mold removal.
When it comes to big repairs, it's typical that the cost you incur won't be represented in the amount you get for the house when you sell it.
By selling to a local investor in your area, you can avoid having to pay for repairs since investors will buy homes in need of pricey repairs in their current state.
Is it Possible to Sell My Inherited House at a Loss?
Consider a short sale if the inherited house isn't worth what is due on it.
To avoid the inheritor having to make up any shortfall, the lender agrees to let the home's owner sell it for less than what is owed. Because the property is sold "at a loss," lenders must approve these sales.
Final Reflections
Deciding whether to rent or sell an inherited home depends on your situation, the property, and your ambitions.
The loss of the loved one who left you an inheritance might make you sad, and deciding what to do with the home can make you feel stressed.
If you recently received an inheritance, assess your financial circumstances and balance the advantages and disadvantages of renting vs. selling to determine which option is right for you.
Trustworthy can take your mortgage and insurance documents from disorganized file cabinets and empty file trees into one secure cloud-based location.
There are significant tax considerations when a house is inherited. Several different heirs might have a stake in the property. Everyone needs to be on the same page.
Trustworthy allows families to keep up-to-date copies of estate planning documents that can be accessed anywhere. You can invite your CPA to collaborate on loans and tax filing information.
Don’t let an inherited house cause you more trouble than it should. Start your free 14-day trial with Trustworthy and keep your documents organized in one place.
Related Articles
Try Trustworthy today.
Try Trustworthy today.
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Nov 29, 2023
Nov 29, 2023
Can Anyone Get a Copy of a Death Certificate? Who Is Authorized?
Can Anyone Get a Copy of a Death Certificate? Who Is Authorized?
Nov 25, 2023
Nov 25, 2023
Original Death Certificate vs. Certified Copy: Key Differences And Why They Matter
Original Death Certificate vs. Certified Copy: Key Differences And Why They Matter
Nov 25, 2023
Nov 25, 2023
How Do You Handle Negative Aspects of the Deceased's Life in a Eulogy?
How Do You Handle Negative Aspects of the Deceased's Life in a Eulogy?
Nov 25, 2023
Nov 25, 2023
Can There Be More Then One Eulogy at a Funeral? Etiquette Explained
Can There Be More Then One Eulogy at a Funeral? Etiquette Explained
Nov 24, 2023
Nov 24, 2023
My Dad Died, Can I Get His Retirement Pension?
My Dad Died, Can I Get His Retirement Pension?
Nov 24, 2023
Nov 24, 2023
How Many Copies of a Death Certificate Should You Get?
How Many Copies of a Death Certificate Should You Get?
Nov 24, 2023
Nov 24, 2023
Can a Eulogy Be Funny? Yes, Here Are 10 Respectful but Funny Examples
Can a Eulogy Be Funny? Yes, Here Are 10 Respectful but Funny Examples
Nov 24, 2023
Nov 24, 2023
How Do You Receive Inheritance Money WITHOUT any issues?
How Do You Receive Inheritance Money WITHOUT any issues?
Nov 17, 2023
Nov 17, 2023
Who Gets The Tax Refund of A Deceased Person? An Accountant Answers
Who Gets The Tax Refund of A Deceased Person? An Accountant Answers
Nov 17, 2023
Nov 17, 2023
How To Start a Eulogy: 15 Heartfelt Examples
How To Start a Eulogy: 15 Heartfelt Examples
Nov 14, 2023
Nov 14, 2023
How To Discuss End-of-Life Care With Parents (Simple Guide)
How To Discuss End-of-Life Care With Parents (Simple Guide)
Nov 14, 2023
Nov 14, 2023
How To Cancel a Deceased Person's Subscriptions the EASY Way
How To Cancel a Deceased Person's Subscriptions the EASY Way
Nov 8, 2023
Nov 8, 2023
What Should You Not Put in a Eulogy (9 Things To Avoid)
What Should You Not Put in a Eulogy (9 Things To Avoid)
Nov 7, 2023
Nov 7, 2023
How Are Estates Distributed If There's No Will? A Lawyer Explains Intestate
How Are Estates Distributed If There's No Will? A Lawyer Explains Intestate
Nov 6, 2023
Nov 6, 2023
Does Microsoft Word Have an Obituary Template?
Does Microsoft Word Have an Obituary Template?
Nov 6, 2023
Nov 6, 2023
How To Post an Obituary on Facebook: A Step-by-Step Guide
How To Post an Obituary on Facebook: A Step-by-Step Guide
Nov 6, 2023
Nov 6, 2023
Why Do You Need A Death Certificate For Estate & Probate Process?
Why Do You Need A Death Certificate For Estate & Probate Process?
Nov 2, 2023
Nov 2, 2023
How Do I Correct Errors on a Death Certificate? And, How Long Does It Take?
How Do I Correct Errors on a Death Certificate? And, How Long Does It Take?
Nov 2, 2023
Nov 2, 2023
12 Steps For Writing a Eulogy For Mom
12 Steps For Writing a Eulogy For Mom
Nov 2, 2023
Nov 2, 2023
12 Steps for Writing a Eulogy for Dad
12 Steps for Writing a Eulogy for Dad
Nov 1, 2023
Nov 1, 2023
Who Does The Obituary When Someone Dies?
Who Does The Obituary When Someone Dies?
Nov 1, 2023
Nov 1, 2023
How Late Is Too Late For An Obituary? 6 Steps To Take Today
How Late Is Too Late For An Obituary? 6 Steps To Take Today
Nov 1, 2023
Nov 1, 2023
How Much Does It Cost To Publish An Obituary? Breaking It Down
How Much Does It Cost To Publish An Obituary? Breaking It Down
Nov 1, 2023
Nov 1, 2023
6 Reasons You Need an Obituary (Plus 6 Reasons You Don't)
6 Reasons You Need an Obituary (Plus 6 Reasons You Don't)
Oct 30, 2023
Oct 30, 2023
Where Do You Post an Obituary: A Step-By-Step Guide
Where Do You Post an Obituary: A Step-By-Step Guide
Oct 30, 2023
Oct 30, 2023
Obituary vs Death Note: What Are the Key Differences?
Obituary vs Death Note: What Are the Key Differences?
Oct 5, 2023
Oct 5, 2023
Buying A House With Elderly Parent: 10 Things To Know
Buying A House With Elderly Parent: 10 Things To Know
Sep 14, 2023
Sep 14, 2023
I'm Trapped Caring for Elderly Parents
I'm Trapped Caring for Elderly Parents
Oct 5, 2023
Oct 5, 2023
401(k) and Minors: Can a Minor be a Beneficiary?
401(k) and Minors: Can a Minor be a Beneficiary?
Sep 12, 2023
Sep 12, 2023
How to Self-Direct Your 401(k): Take Control of Your Retirement
How to Self-Direct Your 401(k): Take Control of Your Retirement
Aug 3, 2023
Aug 3, 2023
The Ultimate Guide to Decluttering and Simplifying Your Home as You Age
The Ultimate Guide to Decluttering and Simplifying Your Home as You Age
Aug 3, 2023
Aug 3, 2023
The Essential Guide to Preparing for Retirement
The Essential Guide to Preparing for Retirement
Aug 3, 2023
Aug 3, 2023
Estate Planning For Blended Families (Complete Guide)
Estate Planning For Blended Families (Complete Guide)
Aug 3, 2023
Aug 3, 2023
Estate Planning For Physicians (Complete Guide)
Estate Planning For Physicians (Complete Guide)
Jul 14, 2023
Jul 14, 2023
Are You Legally Responsible For Your Elderly Parents?
Are You Legally Responsible For Your Elderly Parents?
Jun 7, 2023
Jun 7, 2023
How To Travel With Elderly Parent: Here's How to Prepare
How To Travel With Elderly Parent: Here's How to Prepare
Jun 6, 2023
Jun 6, 2023
Checklist For Moving A Parent To Assisted Living
Checklist For Moving A Parent To Assisted Living
Jun 6, 2023
Jun 6, 2023
How to Set Up A Trust For An Elderly Parent: 6 Easy Steps
How to Set Up A Trust For An Elderly Parent: 6 Easy Steps
Jun 6, 2023
Jun 6, 2023
How To Stop Elderly Parents From Giving Money Away (9 Tips)
How To Stop Elderly Parents From Giving Money Away (9 Tips)
Jun 6, 2023
Jun 6, 2023
Should Elderly Parents Sign Over Their House? Pros & Cons
Should Elderly Parents Sign Over Their House? Pros & Cons
May 17, 2023
May 17, 2023
Estate Planning: A Comprehensive Guide
Estate Planning: A Comprehensive Guide
May 2, 2023
May 2, 2023
Helping Elderly Parents: The Complete Guide
Helping Elderly Parents: The Complete Guide
May 1, 2023
May 1, 2023
Trustworthy guide: How to organize your digital information
Trustworthy guide: How to organize your digital information
Apr 15, 2023
Apr 15, 2023
Can My Husband Make a Will Without My Knowledge?
Can My Husband Make a Will Without My Knowledge?
Apr 15, 2023
Apr 15, 2023
What is a Last Will and Testament (also known as a Will)?
What is a Last Will and Testament (also known as a Will)?
Apr 15, 2023
Apr 15, 2023
Can A Wife Sell Deceased Husband's Property (6 Rules)
Can A Wife Sell Deceased Husband's Property (6 Rules)
Apr 15, 2023
Apr 15, 2023
Should I Shred Documents Of A Deceased Person? (5 Tips)
Should I Shred Documents Of A Deceased Person? (5 Tips)
Apr 15, 2023
Apr 15, 2023
Can I Change My Power of Attorney Without A Lawyer?
Can I Change My Power of Attorney Without A Lawyer?
Apr 15, 2023
Apr 15, 2023
Can You Have Two Power of Attorneys? (A Lawyer Answers)
Can You Have Two Power of Attorneys? (A Lawyer Answers)
Apr 15, 2023
Apr 15, 2023
Do Attorneys Keep Copies Of a Will? (4 Things To Know)
Do Attorneys Keep Copies Of a Will? (4 Things To Know)
Apr 15, 2023
Apr 15, 2023
Estate Planning for a Special Needs Child (Complete Guide)
Estate Planning for a Special Needs Child (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For Childless Couples (Complete Guide)
Estate Planning For Childless Couples (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For Elderly Parents (Complete Guide)
Estate Planning For Elderly Parents (Complete Guide)
Apr 15, 2023
Apr 15, 2023
Estate Planning For High Net Worth & Large Estates
Estate Planning For High Net Worth & Large Estates
Apr 15, 2023
Apr 15, 2023
Estate Planning For Irresponsible Children (Complete Guide)
Estate Planning For Irresponsible Children (Complete Guide)
Apr 15, 2023
Apr 15, 2023
How To Get Power of Attorney For Parent With Dementia?
How To Get Power of Attorney For Parent With Dementia?
Apr 15, 2023
Apr 15, 2023
I Lost My Power of Attorney Papers, Now What?
I Lost My Power of Attorney Papers, Now What?
Apr 15, 2023
Apr 15, 2023
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Is It Better To Sell or Rent An Inherited House? (Pros & Cons)
Apr 15, 2023
Apr 15, 2023
Is It Wrong To Move Away From Elderly Parents? My Advice
Is It Wrong To Move Away From Elderly Parents? My Advice
Apr 15, 2023
Apr 15, 2023
Moving An Elderly Parent Into Your Home: What To Know
Moving An Elderly Parent Into Your Home: What To Know
Apr 15, 2023
Apr 15, 2023
Moving An Elderly Parent to Another State: What To Know
Moving An Elderly Parent to Another State: What To Know
Apr 15, 2023
Apr 15, 2023
What If Witnesses To A Will Cannot Be Found? A Lawyer Answers
What If Witnesses To A Will Cannot Be Found? A Lawyer Answers
Apr 15, 2023
Apr 15, 2023
What To Bring To Estate Planning Meeting (Checklist)
What To Bring To Estate Planning Meeting (Checklist)
Apr 15, 2023
Apr 15, 2023
When Should You Get An Estate Plan? (According To A Lawyer)
When Should You Get An Estate Plan? (According To A Lawyer)
Apr 15, 2023
Apr 15, 2023
Which Sibling Should Take Care of Elderly Parents?
Which Sibling Should Take Care of Elderly Parents?
Apr 15, 2023
Apr 15, 2023
Who Can Override A Power of Attorney? (A Lawyer Answers)
Who Can Override A Power of Attorney? (A Lawyer Answers)
Apr 15, 2023
Apr 15, 2023
Can Power of Attorney Sell Property Before Death?
Can Power of Attorney Sell Property Before Death?
Apr 15, 2023
Apr 15, 2023
Can The Executor Of A Will Access Bank Accounts? (Yes, Here's How)
Can The Executor Of A Will Access Bank Accounts? (Yes, Here's How)
Apr 15, 2023
Apr 15, 2023
Complete List of Things To Do For Elderly Parents (Checklist)
Complete List of Things To Do For Elderly Parents (Checklist)
Apr 15, 2023
Apr 15, 2023
How To Get Power of Attorney For A Deceased Person?
How To Get Power of Attorney For A Deceased Person?
Apr 15, 2023
Apr 15, 2023
How To Help Elderly Parents From A Distance? 7 Tips
How To Help Elderly Parents From A Distance? 7 Tips
Apr 15, 2023
Apr 15, 2023
Legal Documents For Elderly Parents: Checklist
Legal Documents For Elderly Parents: Checklist
Apr 15, 2023
Apr 15, 2023
Selling Elderly Parents Home: How To Do It + Mistakes To Avoid
Selling Elderly Parents Home: How To Do It + Mistakes To Avoid
Apr 15, 2023
Apr 15, 2023
What To Do When A Sibling Is Manipulating Elderly Parents
What To Do When A Sibling Is Manipulating Elderly Parents
Apr 6, 2023
Apr 6, 2023
Can An Out of State Attorney Write My Will? (A Lawyer Answers)
Can An Out of State Attorney Write My Will? (A Lawyer Answers)
Mar 15, 2023
Mar 15, 2023
Settling an Estate: A Step-by-Step Guide
Settling an Estate: A Step-by-Step Guide
Feb 10, 2023
Feb 10, 2023
My Deceased Husband Received A Check In The Mail (4 Steps To Take)
My Deceased Husband Received A Check In The Mail (4 Steps To Take)
Feb 7, 2023
Feb 7, 2023
The Benefits of Working With an Experienced Estate Planning Attorney
The Benefits of Working With an Experienced Estate Planning Attorney
Feb 6, 2023
Feb 6, 2023
How To Track Elderly Parents' Phone (2 Options)
How To Track Elderly Parents' Phone (2 Options)
Feb 1, 2023
Feb 1, 2023
Can You Collect Your Parents' Social Security When They Die?
Can You Collect Your Parents' Social Security When They Die?
Feb 1, 2023
Feb 1, 2023
How Do I Stop VA Benefits When Someone Dies (Simple Guide)
How Do I Stop VA Benefits When Someone Dies (Simple Guide)
Feb 1, 2023
Feb 1, 2023
Can You Pay Money Into A Deceased Person's Bank Account?
Can You Pay Money Into A Deceased Person's Bank Account?
Feb 1, 2023
Feb 1, 2023
Deleting A Facebook Account When Someone Dies (Step by Step)
Deleting A Facebook Account When Someone Dies (Step by Step)
Feb 1, 2023
Feb 1, 2023
Does The DMV Know When Someone Dies?
Does The DMV Know When Someone Dies?
Feb 1, 2023
Feb 1, 2023
How To Find A Deceased Person's Lawyer (5 Ways)
How To Find A Deceased Person's Lawyer (5 Ways)
Feb 1, 2023
Feb 1, 2023
How To Plan A Celebration Of Life (10 Steps With Examples)
How To Plan A Celebration Of Life (10 Steps With Examples)
Feb 1, 2023
Feb 1, 2023
How To Stop Mail Of A Deceased Person? A Simple Guide
How To Stop Mail Of A Deceased Person? A Simple Guide
Feb 1, 2023
Feb 1, 2023
How to Stop Social Security Direct Deposit After Death
How to Stop Social Security Direct Deposit After Death
Feb 1, 2023
Feb 1, 2023
How To Transfer Firearms From A Deceased Person (3 Steps)
How To Transfer Firearms From A Deceased Person (3 Steps)
Feb 1, 2023
Feb 1, 2023
How To Write An Obituary (5 Steps With Examples)
How To Write An Obituary (5 Steps With Examples)
Feb 1, 2023
Feb 1, 2023
What Happens To A Leased Vehicle When Someone Dies?
What Happens To A Leased Vehicle When Someone Dies?
Jan 31, 2023
Jan 31, 2023
Do Wills Expire? 6 Things To Know
Do Wills Expire? 6 Things To Know
Jan 31, 2023
Jan 31, 2023
How To Get Into a Deceased Person's Computer (Microsoft & Apple)
How To Get Into a Deceased Person's Computer (Microsoft & Apple)
Jan 31, 2023
Jan 31, 2023
Why Do Funeral Homes Take Fingerprints of the Deceased?
Why Do Funeral Homes Take Fingerprints of the Deceased?
Jan 31, 2023
Jan 31, 2023
What To Do If Your Deceased Parents' Home Is In Foreclosure
What To Do If Your Deceased Parents' Home Is In Foreclosure
Jan 31, 2023
Jan 31, 2023
Questions To Ask An Estate Attorney After Death (Checklist)
Questions To Ask An Estate Attorney After Death (Checklist)
Jan 31, 2023
Jan 31, 2023
What Happens If a Deceased Individual Owes Taxes?
What Happens If a Deceased Individual Owes Taxes?
Jan 31, 2023
Jan 31, 2023
Components of Estate Planning: 6 Things To Consider
Components of Estate Planning: 6 Things To Consider
Jan 22, 2023
Jan 22, 2023
What To Do If Insurance Check Is Made Out To A Deceased Person
What To Do If Insurance Check Is Made Out To A Deceased Person
Jan 8, 2023
Jan 8, 2023
What Does a Typical Estate Plan Include?
What Does a Typical Estate Plan Include?
Apr 15, 2022
Apr 15, 2022
Can I Do A Video Will? (Is It Legitimate & What To Consider)
Can I Do A Video Will? (Is It Legitimate & What To Consider)
Apr 15, 2022
Apr 15, 2022
Estate Planning For Green Card Holders (Complete Guide)
Estate Planning For Green Card Holders (Complete Guide)
Mar 2, 2022
Mar 2, 2022
What Does Your “Property” Mean?
What Does Your “Property” Mean?
Mar 2, 2022
Mar 2, 2022
What is the Uniform Trust Code? What is the Uniform Probate Code?
What is the Uniform Trust Code? What is the Uniform Probate Code?
Mar 2, 2022
Mar 2, 2022
Do You Need to Avoid Probate?
Do You Need to Avoid Probate?
Mar 2, 2022
Mar 2, 2022
How is a Trust Created?
How is a Trust Created?
Mar 2, 2022
Mar 2, 2022
What Are Advance Directives?
What Are Advance Directives?
Mar 2, 2022
Mar 2, 2022
What does a Trustee Do?
What does a Trustee Do?
Mar 2, 2022
Mar 2, 2022
What is an Estate Plan? (And why you need one)
What is an Estate Plan? (And why you need one)
Mar 2, 2022
Mar 2, 2022
What is Probate?
What is Probate?
Mar 2, 2022
Mar 2, 2022
What Is Your Domicile & Why It Matters
What Is Your Domicile & Why It Matters
Mar 2, 2022
Mar 2, 2022
What Is a Power of Attorney for Finances?
What Is a Power of Attorney for Finances?
Mar 1, 2022
Mar 1, 2022
Should your family consider an umbrella insurance policy?
Should your family consider an umbrella insurance policy?
Mar 1, 2022
Mar 1, 2022
Do I need a digital power of attorney?
Do I need a digital power of attorney?
Apr 6, 2020
Apr 6, 2020
What Exactly is a Trust?
What Exactly is a Trust?