QUESTIONS TO ASK IF YOU INHERIT A HOME

By Joseph E Deering and Debra Carr 


  • Questions to Ask it You Inherit Real Property.  As you can see an inheritance can be complicated.
  • How do I secure the property?
  • What documents do I need to look for while visiting the property for the first time?
  • What to do if I find a Safe Deposit Key on the property?
  • Do I need a lawyer to help me who understands Trust and Estate Administration?
  • Do I need a CPA to help me with the Taxes?  Who should I use?
  • How do I obtain a certified copy of a death certificate?  What is it and do I need one?  If so, how many?
  • Do I need to set up a separate Bank Account for the Trust or Estate?
  • Do I need to be bonded?  What is a probate bond?
  • How do I get a Tax Identification Number for the estate or trust?  
  • Where do  I get the money to pay for the expenses of the property?
  • Should I  Sell the Property or Keep it?
  • What if my family wants to sell the property, but I want to keep. it?
  • Do I need an Appraisal of the Property?  If so,  how and when should I get it?
  • How Can I find a Trustworthy Real Estate Agent?
  • My brother is a real estate agent, should I use him?
  • Can I use a real estate agent or a licensed appraiser to get a value of my property?   How much does that cost
  • Proposition 19 just passed concerning Real Property Taxes how does that  effect me and my inheritance?
  • What am I going to do about the furniture and other personal property in the house. How do I sell them or donate them?
  • What is my Fiduciary duty to the other members of my family and beneficiaries of the estate?
  • As trustee can I buy the real estate or other property from the trust?  What are the legal requirements?
  • What is Long Term Capital Gains Tax?
  • How do I get a stepped up basis?   

In future editions of the Trust Tune Up we will discuss these various issues and some approaches to solving them.  Send us any other issues or solutions you have  regarding trust administration.  Give our firm a call if you need help and would like to set up a time to review.

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