Estate PlanningReal Estate LawI Inherited A Family Home – Now What?

October 20, 2023by MikeMcCarthy0

I inherited Mom’s House – Now What?

It’s great that you’ve inherited your mom’s house in Massachusetts! Inheriting a property can come with various legal, financial, and emotional considerations. Here are some key steps and things to keep in mind:

Confirm the Inheritance: Ensure that you have legally inherited the property. This usually involves going through a legal process like probate. Consult with an attorney to make sure all necessary steps are taken.

Understand the Property: Gather all relevant documents related to the property, including the deed, mortgage papers, property tax records, and any other relevant paperwork. This will help you understand the property’s financial status.

Assess the Property’s Value: It’s essential to know the current market value of the house. You may want to consider getting a professional appraisal to determine its worth. This will be important for future financial planning.

Mortgage and Liens: Check if there are any outstanding mortgages or liens on the property. These will need to be settled.

Property Taxes: Understand the property tax situation. You’ll be responsible for paying property taxes, so make sure you’re aware of the schedule and amounts due.

Maintenance and Repairs: Assess the condition of the house and decide if any repairs or renovations are necessary. Regular maintenance will also be your responsibility.

Insurance: Make sure the property is adequately insured. You may need to update the insurance policy to reflect the change in ownership.

Estate Planning and Taxes: Consult with a tax professional to understand any tax implications related to the inheritance. In some cases, there may be inheritance taxes or capital gains taxes to consider.

Decide What to Do with the Property: Determine whether you want to keep the house, rent it out, sell it, or use it for another purpose. Your decision should align with your financial goals and personal circumstances.

Legal and Financial Advice: It’s strongly recommended to consult with professionals, such as an attorney and a financial advisor, who can provide guidance specific to your situation.

Keep Records: Maintain detailed records of all transactions, expenses, and documents related to the property. This will be important for tax purposes and for tracking the property’s financial performance.

Notify Relevant Parties: Inform relevant parties of the change in ownership, such as the local government, utility companies, and insurance providers.

Remember that the specifics of handling an inherited property can vary based on individual circumstances and Massachusetts state laws. Seek professional advice to ensure you’re following all legal requirements and making informed decisions about the property.

If you have any questions regarding a recent inheritance and the steps to take please contact us today!

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