How to Sell Inherited Land
When you’re listed as the beneficiary on your parents’ or a family member’s estate, a few things probably go through your mind. You might be able to live in their home one day or use it as a rental property. Maybe they have a car or two you’re interested in selling. What you might forget about is the inherited property.
Especially when farmland is involved, inheriting a home means inheriting the property it sits on too. So when your loved one passes away, you become a homeowner and a landowner. The only problem is, you might not want to keep any of it. Suddenly you need to figure out how to sell land for the best price.
There can be some unique tax rules and regulations when working with inherited land, so we created this guide to help you navigate the basic steps of selling an inherited property.
5 Most Important Tasks When Settling an Estate
Settling an estate is a stressful process. You might feel overwhelmed by legal documents or confused about the next step to take. Add the fact that most estate settlements take up to six months (and some longer), and it’s easy to wonder how in the world you’ll manage to accomplish every little task.
Although there are many complicated aspects of settling an estate, the good news is that there are also professionals who can help. As the family member, executor, beneficiary, or whatever your role may be, there are only five important tasks you’ll need to manage on your own. In this blog, we’ll walk you through each one and tell you what type of estate planning professional can help you with it.
Estate Planning Strategies that Help You and Your Family
The estate planning process is confusing. It involves estate tax estimations, beneficiary designations, and lots of legal documents. This is part of why so many people decide to avoid making an estate plan altogether. But if you avoid taking the time to outline how you want your possessions distributed and what assets you’d prefer sold, then settling your estate becomes difficult and time-consuming for your family.
There are ways to make the process easier. It’s all about properly preparing your accounts and assets and having the right people help you. In this article, we’ll talk about the five aspects of a detailed estate plan that will make settling your estate an easy task for your family.
