How Sibling Inheritance Laws Can Affect Selling an Estate
When a parent passes away, there’s a lot to figure out. You have to make funeral arrangements, find out if they had an estate plan, and work through the legalities of settling an estate. And unless you’re an only child, you’ll have to navigate this entire process with your siblings. You’ll have to determine which parts of the estate belong to your brothers and sisters and which belong to you.
To help with determining how assets are distributed, there are laws regarding sibling inheritance. Their purpose is to protect what’s rightfully yours through the succession of the estate while also preserving the rights of your siblings. In this article, we’ll talk about a few scenarios where sibling inheritance laws might affect how you settle a family member’s estate.
Auctioning a House vs. Sale By Owner
When you’re ready to sell your home, it’s important to consider all your options. You could sell on the traditional market and go through the standard process of listing your home, waiting for potential buyers to contact you, and negotiating a deal. Or you could consider selling your house at auction for a quicker process that’s often less hassle.
These two routes differ in a few significant ways, which is why it’s important to understand both the sale by owner and auction process. In this article, we’ll review both routes for selling your home to help you determine if the traditional methods or a home auction is the best fit for you.
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.