Inheriting a House can be Challenging

If your loved one passed away, and there is real estate left, the process of dissolving the estate could become
very complicated.

Family feuds and other problems can potentially result when inheritance portions aren't clearly defined,
or when an executor may be in over their head. Many newfound executors can face uncertainty and feel stress.
In the wake of a family tragedy or death, being the executor of an estate can be especially challenging.
And the biggest asset in an estate—and the most difficult to resolve—is usually a house.

Here's a list of important decisions an executor may face when a house is part of an inheritance:

Keep, rent or sell? Caught in the middle, the executor has to ask the heirs to keep their emotions under
control and put the rational facts on the table. Selling is often the best decision if medical bills, tax issues or
other reasons require cashing out, and it produces a specific amount that can be divided equally.

Can you manage a property investment? When considering keeping the property in the family, the executor
needs to be objective about the beneficiaries' dependability. Would you choose the other beneficiaries to be your
partners in any long-term investment? Could they get divorced, go bankrupt or bring other entanglements? If you
decide to rent the property, there are issues to consider, such as the local market for rentals and your ability
to maintain the property.

Establishing value of the property. If one heir or beneficiary wants to buy the house, the estate must determine
the market value and get a fair price for the heirs and beneficiaries. One way is to get two appraisals, or ask
an experienced Realtor for help. Alternatively, the executor can put the property on the market with the expressed
provision that one of the heirs has the right of first refusal to match the highest offer.

Repair and renovate? The executor must make sure the house is maintained in good condition, necessary
repairs are carried out, and that it's kept insured. An executor can be personally liable for failure to maintain
a property that results in losses for the heirs. How much work is worthwhile before putting a home on the market?
That's a big question that depends on the property and circumstances.

Furnished or unfurnished? It's not unusual for an inherited home to be filled with a 30-year accumulation of stuff.
In most cases, when the property goes on the market, thinning out the furnishings will help it show better.
Nine out of 10 buyers first see the home in online photos.

Being an executor is a high-responsibility, time-consuming, and often thankless job that people often take on
while grieving. It's up to the executor to assess not only the physical assets of an estate, but also the people
and emotions involved.

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