It’s not easy to lose a loved one. Not only are you dealing with the emotional side of things but also the financial side. Sometimes, the deceased will leave behind a will that accounts for their assets. However, this is becoming less common. In 2017, 42% of Americans had a will or another type of estate planning document. In 2020, that number dropped to 32%.
Every state has different laws, but no matter where you live, you can expect the probate court to get involved when there is no will. They will appoint an administrator who will be given the most power. If you are appointed this role, you get to decide what happens to your loved one’s assets, including their Las Vegas property.
If There’s No Will, What Happens First?
There’s a reason why a will is so important – it gives power to the right people. Without a will, there is no executor, so the court has to appoint one. That said, the court will almost always appoint the closest living heir as the executor.
As the executor, you have the most say in what happens to the estate. However, nothing can happen with the property until it actually belongs to you. In the meantime, educate yourself on the probate process, communicate openly with your family and decide what you plan to do with the home once it’s legally yours.
Options for an Inherited Property in Las Vegas
Once everything is squared away, including the debts left behind (you can use the estate to pay these off), you’ll have to decide what you want to do with the property. You have three main options:
- Rent it out. You can earn money on the side, but you will have to take on the responsibility of being a landlord.
- Keep it. Depending on your situation, you may choose to keep the property and live there yourself.
- Sell it. If you want to sell the property, you can work with a realtor or cash investor. If the house is in good condition, you might want to check out real estate agents. However, if the home needs work, you’re probably better off going with a cash investor in Las Vegas.
Can You Sell a Property in Probate?
You can’t technically sell a home while in probate because it’s not yours. But you can initiate the selling process.
You’ll need to start with an appraisal to determine what the home is worth, fill out a petition form and publicly list the house for sale. Buyers must be informed that the property can only be sold after confirmation from the court. The hearing is the final step, and this is where buyers and real estate investors come in for bids.
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