Inheriting a house

House

HouseSometimes, instead of a share of an estate, a person could be left a specific asset; sometimes, this is a house or cottage.

If you do inherit, keep in mind that the executors will likely have to wait to transfer it to you until they have gone through the probate process. This can take anywhere from two weeks to six months, depending on how busy the courts are, so be patient.

Second, you need to seriously consider whether you want to keep the house or not. Don’t make a quick decision; this warrants a visit with an accountant and financial planner to assess possible costs and benefits to keeping it or selling it.

Inheriting a property can be more of a headache than it’s worth, so don’t be afraid to not hold onto it if it’s not the right decision for you.

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