There are two certainties in life: death and taxes. When a homeowner passes away, one of the questions on some people’s minds is, “What happens to the house now?” There are a few different pathways the house could take, depending on what, if any, plans the owner made before their passing and their financial state upon their passing.
Avoiding Probate
If the owner planned well, the house may avoid going into probate altogether. Sometimes homes pass to a new owner through joint ownership. This is often how a surviving spouse becomes the owner of a property. The owner may have also placed the house in a trust that prevents it from going through the probate process. Some states have community property laws that may also influence ownership and the need for a house to go through probate.
Being Inherited
Probate isn’t always avoidable. A house in probate may end up passing on to heirs. Sometimes there is a sole beneficiary of the house, in which case the house may remain with that person. Alternatively, they may decide to sell it if it doesn’t make sense for them to keep it. That’s usually pretty straightforward. Other times the home may be inherited by multiple beneficiaries. That can be more complicated since it’s harder to get everyone to agree on what should happen to the house. It’s often easier to sell it and then divide the profits between the beneficiaries.
Getting Sold
Homeowners may pass away with outstanding debts. Those debts must be settled before inheritances can be distributed. This may require the house to be sold. In such cases, the probate court may influence what the home needs to be sold for, and therefore who it can be sold to. Once any outstanding debts have been settled, whatever is left can be inherited as dictated by the owner’s will or the probate court.
Homes can have a few different outcomes after their owners’ passing. Whether they go through probate or not depends on the owner’s estate planning before they passed away. Aside from that, they’re usually either inherited or sold. They may even be inherited and then sold. If you need to sell a house, whether to settle debts, liquidate a valuable asset, or offload a cumbersome inheritance, Sierra Housing Solutions is here to help.
Do you need to sell a Panther Valley house after its owner’s passing? Click here to take the first step toward getting your offer from Sierra Housing Solutions!
