Have you recently inherited property in Los Angeles? Sadly, without proper forethought, you may suddenly face life without your parents, who have left their property to all of their children without a plan in place, which can be quite a chaotic experience. Dealing with a sudden whirlwind of paperwork and details during such an emotionally difficult time can be extremely daunting. And there is a great deal of critical legal and financial information you will also have to absorb.
While you may have fond memories of the family cabin on the lake, when you suddenly find yourself an heir sharing the responsibilities for the property, it can be both an emotional and financial burden. Even for siblings who can move through the loss of their parent in harmony, the estate settlement will be a long, costly, and drawn-out process that can take years if you should face probate court.
Even for siblings who have a great relationship with each other, when dollar amounts are written down, different feelings arise. Even if the assets and the dollar amounts are split evenly, one sibling who has helped the parents the most may feel like their time and contributions while mom and dad were alive were not noticed.
Read on to learn these five tips for siblings dealing with inherited property in Los Angeles
One Person in Charge
If your parent didn’t set out a strategy in the will, such as appointing a non-sibling trustee, having one person coordinate everything is advantageous for siblings dealing with an inherited property in Los Angeles. There should be one central checklist to ensure that everyone follows up on the steps necessary to manage the property. It is helpful to handle all of the tasks by dividing the responsibilities among the siblings, and everyone can keep the person in charge of their progress, such as paying property taxes or performing routine maintenance of the property. You may find it best to hire a property manager and share the expenses.
Keep in mind that the sibling in charge does not necessarily have to do everything themselves. As long as they are organized and can delegrate responsibility for tasks to other sibilings that could be enough. In addition, having a person in charge who is good with organizing expenses and associated paperwork will make the future dealings with accounts and attorneys much easier.
Stay Civil
The sad truth is that nearly 70 percent of Americans die without a will in place. Communication is key and an essential tip for siblings dealing with an inherited property in Los Angeles. If you cannot have calm, adult discussions regarding business matters, it may be wise to bring in an impartial mediator. It is better to act sooner than later. Establishing guidelines and working out details helps avoid conflict among the siblings; after all, preserving the family is the ultimate goal. Severing relationship ties or not maintaining civil communication with siblings during probate could become very expensive for the estate and quickly decrease the value of any estate that ends up getting divvied up.
In other situations, Fair Sale Homes has seen time consuming probate situations where the heirs risking losing the inherited house in Los Angeles, CA entirely because the siblings (also heirs) stop talking to each other completely and did not make quick decisions to sell the house quickly in Los Angeles, CA.
Right Motivations
At times, a parent will favor giving to each by their need, perhaps aware of economic issues that particular child faces. For example, one child may be more successful financially than another child, so the parent may deem the more successful child as needing less of an inheritance. On a similar note, a parent might favor giving to a child based on the perception that the child is more financially prudent and responsible.
Alternatively, a parent may dislike or even distrust a child’s spouse and place their portion of the inheritance under the control of another party. This happens very often. In contrast, other parents may prefer splitting the estate evenly in the hopes of avoiding hurt feelings or jealousy. Often infighting and emotional outbursts occur, which can cause long-term family rifts and actually dely the legal inheritance process.
One of the top conflicts among siblings is how to divide an inheritance, so it would well serve parents and their children to discuss the matter openly ahead of time and get the conclusions written down in either a will or living trust. Understanding the motivation behind the estate division is helpful for siblings dealing with an inherited property in Los Angeles.
Be Fair
Being incredibly realistic is a valuable tip for siblings dealing with an inherited property in Los Angeles, which means acknowledging that there will be disagreements in the future. By accepting this reality, you can plan to deal with these situations in advance, with a system for majority rule that everyone feels is fair, whether it is a decision about paint color or more significant, such as a sibling desiring to live in the property full time. You will be glad you took the time to create some rules for guidance on permanent decisions, above the individual emotions of the siblings, which may be temporary.
Sell and Divide
Finally, for siblings dealing with an inherited property in Los Angeles, selling the property and splitting the profits is a good solution if owning property will cause a rift. Sometimes getting into business with family is the fastest way to having awkward holiday parties. Another reason to sell and divide the proceeds is that one or more of the siblings cannot financially carry their share of any financial burdens or are under extreme economic duress and need the funds. Perhaps none of the children wish to live in or make use of the property. Regrettably, while many parents have the best intentions, they pass on a home in a state of severe disrepair, and the heirs don’t have the time or interest in making repairs. Another situation that may call for the siblings to agree to sell is when the property is near being foreclosed upon, which requires a fast sale.
At Fair Sale Homes, we can help siblings quickly and easily deal with selling an inherited property in Los Angeles. Would you like to run your situation by a professional without any obligation? Feel free to ask us any questions or share any concerns you might have about the process. The professional buyers at Fair Sale Homes and our supporting team of professionals have a system that allows us to close with cash in a matter of days or weeks when you are ready to sell. Send us a message or call Fair Sale Homes at (626) 863-7006, we are happy to help.