If a loved one owned a house and left it to you upon their death, the sentimental value of the property cannot be overstated. Dealing with the paperwork is a very daunting prospect. Turning the property to your name will sometimes require supreme patience and effort.
When faced with this situation, you must familiarize yourself with the law. If you live in Jacksonville, then you need to know the laws governing inheritance in Florida. This article covers the essentials you need to have at your fingertips in order to ensure a smooth transition.
3 Ways in Which Property Is Inherited
Under Florida Law, there are a number of ways that you can inherit property. The nature of how you get to acquire the property will impact your ability to sell the property.
Below are the three ways of inheriting property:
a) Inheritance through trust
This is whereby the house is put under trust protection where a third party looks after it until it is activated by the death of the owner. It is then transferred to the beneficiary according to the terms set forth inside the trust.
In most states, you don’t have to go through probate court to transfer the deed in your name.
b) Inheritance through will
If the house was left to you in a will, probate will ascertain the validity of the will. Some property disputes have dragged on for years because the origins of the will cannot be authenticated. Probate court is there to ensure that everything is done above board and justice is served.
In order to sell the house in Jacksonville quickly, you must first get the deed turned in your name. This will only happen after the probate hearings determine whether or not the will that left the house in your name is genuine. You can brace yourself for 4-5 month waiting period before you can actually sell the house in Jacksonville.
However, you can begin looking for a buyer during the process.
c) Inheritance through title deed
This has become more and more common place nowadays. The key reason is to minimize any hassles associated with the whole probate process that comes with the aforementioned two methods.
This mean that your name is already on the title of the property prior to the death of your family member. Since the house is under your name, you can sell it much more quickly.
The probate process
If there was a will, the court will access it thoroughly to ensure that it is the genuine article. In the will, it is expected that there will be an executor. This individual will oversee the division of the estate according to the wishes of the deceased. If there is no executor, the court appoints one to collect and value the assets of the deceased.
In the event that the will is proven to be illegitimate, the court will freeze the assets of the deceased.
The duration of probate hearings varies from case to case. It usually depends on amount of assets and how many decedents are involved.
Dealing with mortgage payments of inherited properties
It is expected that the beneficiary of the house will undertake the payment of the mortgage, if there was any. Failure to meet those payments will end in foreclosure of the property so that the lender will recover their money.
This is essential information you must know upon inheriting property. If you need further advice on what to do next, it is best you contract a competent probate attorney. If you’re going through a probate or have inherited a property you’d like to sell, we’d be happy to buy it. Please contact us here or call us directly!
Useful Reference Links
Complete Guide When You Inherit a House in Florida
How To Sell An Inherited House In Jacksonville Fl With Family Members Occupying It.
8 Tips For Dealing With Inherited Property
What To Do When You Inherit Your Parent’s House – Forbes
Deciding what to do with an inherited house – CNBC.com
5 things you probably didn’t know about inheriting a house
6 steps to take when a credit card holder dies