Dealing With An Unwanted Inheritance: What To Do With The Property

heriting a property in Indianapolis, Indiana, can initially feel like a fortunate turn of events. But as research from several beneficiaries has shown, it’s not necessarily a cause for rejoicing. Your inherited wealth can quickly become an overwhelming burden for various reasons. For instance, the property may be in utter disrepair or cluttered with unwanted and completely useless items. In addition, the location of the property may be inconvenient, making it difficult for you to manage.

Worse, the accidental owners may lack the money, desire, or time to renovate or manage their inheritance. But do not worry. There is help if you are faced with unwanted inheritance. Read on to find the most effective techniques for dealing with this challenging situation. But first, here are some reasons why inheritances may be unwanted

Reasons Why Inheritances May Be Unwanted

Below are reasons why inheritances may be unwanted;

  • Taxation

Assuming your inheritance exceeds the exemption amount for the estate tax, your estate will be taxed at 40% upon your death under applicable federal law.

  • Revenue Generation

If your inheritance generates revenue, it may place you in a more expensive tax bracket.

  • Insolvency Or Litigation

If you’re facing litigation or believe you’ll soon be insolvent or forfeit your inheritance anyway. Further, you should know that the authorities may not allow you to forfeit an inheritance if you’re currently facing bankruptcy proceedings.

  • Inability To Maintain Property

Your inheritance includes land or property for which you would be responsible for maintenance but may be unable to do so.

  • Respecting The Wishes Of The Deceased.

Circumstances may have changed since the writing of the will, so keeping the inheritance is no longer per the deceased’s wishes. For example, a relative may have intended to leave property of equal value to each of their children. However, the property’s value may have increased or decreased, resulting in an unequal inheritance.

Below are ways of dealing with unwanted inheritance;

1. Take Note Of The Wishes Of The Deceased

Before doing anything with the inherited property, consider what the deceased wanted to accomplish. For example, should you give some items away or pass them on? It’s worth finding this out so you can make the right decision.

2. Be Wary Of Unreliable Real Estate Agents

Some real estate agents make a living by preying on the vulnerability of people who have tragically lost a loved one and unexpectedly moved into a property. While this is unfortunate, it is widespread. Therefore, you should know that opportunistic real estate agents exist and exercise caution when hiring real estate agents.

3. Adhere To Waiting Times

Property owners must meet a specific period in some states before selling inherited assets. In some states, for example,  this deadline is 30 days. Beyond that, it’s a good idea to take a step back and consider what you want to accomplish with your property.

4. Sift Through The Items In Your House

Before selling your home, it is essential to consider sifting through all your possessions. You need to check for any valuables or things you want to keep. It is best to separate your belongings into piles to donate, throw away, or keep.

5. Put Aside All Important Papers

When going through the contents of your home, be sure to set aside any crucial papers. You never know what you’ll need immediately or at a later date. Making digital copies of your documents is even better so that nothing important gets lost.

6. Set Your Plans With The House

You can only decide what to do with your house once you’ve considered the property and sifted through its contents. Often, many prefer to sell their property. However, it’s essential to know that there are different ways of selling. Only a competent and reliable realtor can provide credible advice on the proper steps to take.

7. Sell The Property In Its Current Condition

Once you decide to put your house on the market, you should sell it quickly and without much effort. As such, selling your home in its current condition is the best solution. You don’t have to make any repairs or face a bidding war. Instead, it’s a straightforward process that allows you to sell the unwanted property immediately.

Do you want to put your inherited house on the market? If so, selling the property in its current condition is in your best interest. To make the process go smoothly, you should hire a competent real estate agent with experience buying unwanted inherited properties. With their help, you can determine the potential value of your inherited home.