What Do I Do With Inherited Property?

2023 and 2024 were rough years for Florida homeowners. But prices are expected to rise slightly in 2025 and 2026. This trend is good news for people who inherit real property, especially if that property is in poor condition. Rebounding prices give new owners, many of whom don’t want to bother with inherited property, more options.

An estate plan that fully accounts for real property is the best way to manage inherited property for the next generation. This estate plan should be made in consultation with children and others who will inherit the property. But that doesn’t always happen. Sometimes, a house falls into your lap unexpectedly. When that happens, a Lakewood Ranch estate planning lawyer is still there to provide support and options.

Unify Ownership

A sudden and unexpected death in the family is very hard on everyone for many reasons. For both financial and emotional purposes, one person should own inherited property.

Financially, one person should be able to make quick decisions. Even after prices stabilize and rise, buyers won’t wait around while heirs review offers and options. Potential buyers will quickly withdraw their offers and look at other properties. There’s no telling when, or if, another potential buyer might come on the scene.

Additionally, the family home sometimes creates emotional baggage. Some people want to keep their contacts with the past. Others are anxious to move on. Unified ownership does not solve this problem completely. But it’s much easier for one or two people, like a child and the child’s spouse, to agree on something than it is for all children and their spouses to agree on something.

A Lakewood Ranch estate planning lawyer often steps in at this early juncture to negotiate buyouts and offsets that easily unify real property ownership.

Sell or Retain the Property

Once ownership is unified, the owner can decide whether to sell or retain the property. As discussed above, this decision often goes beyond dollars and cents.

Selling the property doesn’t necessarily mean making repairs. Many home investors offer about 40 cents on the dollar for an as-is, cash sale. If the house has major issues, such as foundation issues, an as-is, cash sale may be the best option. Most home investors close most sales within about fourteen days.

Partnering with a real estate agent and selling the home the traditional way could mean more cash in an owner’s pocket. But the process could be long and arduous, to say the least. We often recommend that inherited property owners list their properties for sale and, if they don’t dispose of those properties within about thirty days, they call a home investor.

Sometimes, owners decide to retain inherited property and allow relatives to live there. If so, establish clear ground rules for occupancy. Make sure the occupant understands financial responsibility for taxes and insurance, if any. Also, set rules regarding maintenance and upkeep. Just because the occupant is family doesn’t relieve the owner of responsibilities as a landlord.

Connect With a Diligent Pinellas County Lawyer

Will and estate matters are very complex. For a confidential consultation with an experienced estate planning lawyer in St. Petersburg, contact Drude Tomori Law. We routinely handle matters throughout the Sunshine State.

Source:

noradarealestate.com/blog/florida-housing-market-forecast-for-next-2-years/