Inheriting a Home with Siblings

You and your siblings are notified by the executor of an estate that you’ve jointly inherited a house. According to TrustandWill.com, the executor provides the probate court with a death certificate, trust documents, the estate plan and inventory of the estate’s assets and debts.

Have a meeting with the other inheritors and determine a course of action. Unless otherwise stated in the will, each of you should have an equal share as well as an equal share of any debts, such as a mortgage, utilities and maintenance. You can contact the property insurer to see if the policy can be put in one of your names. Inheritancefunding.com recommends getting a title check to make sure the property has no outstanding liens. Then, plan to visit the property to inspect it for damage, deferred maintenance, and water or gas leaks. 

The property’s location, condition, and value as well as the estate’s debts can help you decide whether you and your siblings keep the home, sell it, rent it, or occupy the property. If there’s a mortgage, you can keep making the payments, refinance to a lower interest rate, let it go to foreclosure, or sell the property and split the profits.

If one sibling wants to sell while another wants to retain the property, one can sell their interest in the home to the other heir using a private arrangement or a loan from an inheritance funding company. If the siblings can’t reach agreement, the executor notifies the court to arrange the sale of the property.   

We have worked with a number of probate attorneys in the local area, please reach out if we can be of any assistance or provide a referral for you.

East Pasco Living Team

We are a collaborative team with a vision to put our years of experience working and living in East Pasco to work for you! We strive to build long-term relationships and give you the individualized attention you deserve. Let us put our combined decades of experience to work for you. 

Carla Goddard | East Pasco Living Team Lead

Graduate, REALTOR® Institute | Residential Specialist | BHHS-Certified New Home Specialist | Certified National Home Specialist – Residential Construction Certified (CNHS-RCC) | NHCB Certified New Homes Co-Broker |BHHS-Certified eCertified® Specialist | BHHS-Certified rCertifiedSM Referral and Relocation Specialist | Tampa Bay Builder Services Manager

Berkshire Hathaway Home Services

📧email: carla@eastpascoliving.com

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