24. Did You Inherit A House?

First and foremost, we are sorry for your loss. This can be a painful period, and our prayers are with you.

Inheriting a property can be a complicated issue. First and foremost, you need to realize the house may not be your just yet. Many times, a legal process called probate might be required in order for you to obtain title. Probate is basically an asset/liability ledger the court performs to make sure all assets are distributed and all liabilities are paid properly.

We can refer you to a couple of probate attorneys in the area for more information.

Once you have legal title, you need to determine if you want to keep the property or liquidate it. If you have some experience being a landlord and owning a rental property, you may want to add it to your investment portfolio.

Other times, it might serve you better to sell the property and take the proceeds to pay off things like credit cards, cars, equity lines, or even your personal home. You might take the proceeds and put it toward retirement, education for a loved one, or take a dream vacation!

Whatever you do, consider the pros and cons of each decision. We wish you the best!

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