Inheriting a house can create many emotions. On one hand, you’re going through the loss of a loved one. On the other hand, they’ve left you with a generous gift that can be a financial windfall. If you’re planning on selling your inherited property in Las Vegas, this article will tell you everything you need to know about the process.
The Probate Process
When you inherit a property in Las Vegas, you must go through a legal process called probate. The purpose of probate is to ensure that the deceased’s assets are allocated according to their wishes.
If your loved one has a will, this makes things much easier because the courts will know how to allocate their assets. If your loved one does not have a will, the courts will typically divide the deceased’s assets among the heirs.
Nevada offers some probate shortcuts for smaller estates. This makes it easier to transfer property. In fact, it’s possible that you can skip probate altogether if the assets left behind are under a certain amount. All you need to do is wait 40 days and prepare a document.
Types of Ownership
If your loved one named you as the beneficiary, things are considerably streamlined. Because everything was left in your name, you do not have to consult with anyone else. However, more often than not, there are multiple beneficiaries listed. So, it’s very likely that you and several other people are named as heirs to the Las Vegas house.
One of the hardest parts about an inherited house is getting everyone to agree. For instance, you may want to sell the property for cash and split the money, but your sibling may want to live in it. You will have to work with the other heirs to reach an agreement. At the very least, the executor needs permission from the heirs to sell, and vice versa.
While most estates are not subject to federal estate tax, selling an inherited property can trigger taxes. This only happens when an asset is sold for gain. But, when the inherited property is in Nevada, the cards are in your favor.
The state of Nevada does not impose an estate or inheritance tax upon death, which means less money is deducted during probate than if the property were located in any other state. You can find out more information regarding Nevada’s probate and estate tax laws here.
Selling the Property
If you and the heirs agree to sell the property and split the money, you can move forward once the probate process is complete. You can sell the property with a realtor, though a more popular option is to sell for cash.
The benefit of a cash sale is that you get to sell the property in as-is condition. This means that you’re not responsible for making any repairs or improvements. This is a huge win if the house hasn’t been updated or taken care of for several years.
Selling an inherited property for cash in Las Vegas is also a quick process. We Buy Any Vegas House can get the job done in about 10 days. There are never any fees or commissions that you’re responsible for, and we pick up most closing costs.
To get a free, no obligation cash offer on your Las Vegas inheritance, get in touch with We Buy Any Vegas House today.