How Can You Protect Your Inherited House?

Inheriting a house after the loss of a loved one can evoke a mix of reactions. The fact that the house came from a loved one who passed away can result in feelings of loss and nostalgia. An inherited house has a sentimental value that may make it feel like a tangible connection to your loved one. However, inheriting a house from a deceased loved one also comes with the responsibility of managing the property, which can present a lot of stress if not addressed correctly. So, how do you ensure that your inherited house does not become a source of stress? How do you protect your inherited house? Below is a look at how to protect your inherited house.

Understand Your Inheritance

The first step to take towards protecting your inheritance is understanding it. You need to understand exactly what you have inherited. This entails understanding any restrictions related to the house, such as unpaid debts, liens, or particular instructions included in your loved one’s Will. All these things can significantly affect your rights and obligations as it pertains to the house. Additionally, it is wise to evaluate the house’s condition. Understanding everything there is to know about the house can help you make informed decisions about it.

Secure the House

After the probate process has been concluded and the house is legally yours, you must take steps to secure it. Start by changing the locks to prevent unauthorized access. Second, you should install a security system to deter potential intruders. Third, ensure all the doors and windows are in good condition and replace any that are not. Additionally, ensure your house is adequately insured against events such as theft, fire, and natural disasters. Take an inventory of all valuables in the house for insurance purposes and personal record-keeping. If there is an existing insurance coverage, review it and update it to reflect that you are the new owner of the property and your coverage needs.

Plan for Long-Term Maintenance and Improvement

Regular maintenance and improvement of your inherited house are crucial for its preservation and for preserving or increasing its value. Plan to inspect the house regularly and make repairs or upgrades. Regularly maintaining and improving your house will contribute to its long-term health and marketability.

Engage in Strategic Legal Planning

Inheriting a house requires careful legal planning to ensure the house is protected. Some legal strategies that can help protect an inherited house include,

• Setting up a trust: One of the main benefits of transferring your house into a trust is to avoid probate. Second, a trust can transfer ownership of a house faster than if the house were to move through the probate process. Additionally, a trust can protect your house from creditors.
• Estate planning: Update or create an estate plan, such as a Will or trust. This will allow for detailed instructions on how the property should be managed in the future.
• Transferring the house to an LLC: Transferring the house to an LLC can offer several benefits, including limited liability protection and tax advantages, especially for rental properties.

If you recently inherited a house, talk to an attorney experienced in estate and property law for help determining the best protection strategies.

Contact The Probate Guy

If you have questions or concerns about an inherited house, contact the dedicated California probate attorney, Robert L. Cohen – The Probate Guy – today to schedule a telephonic consultation.

Southern California Probate Lawyer Serving Orange, Riverside, Anaheim, Whittier & Beyond.