HOW DOES THE HEIRSHIP PROCESS WORK?

The article discusses what an heir should do when they inherit property. The first step is to contact an attorney or law firm to help guide them through the heirship process. After that, the individual has to decide what to do with the property – keep it, rent it, or sell it. If they decide to sell it, NeedtoSell.com is the best way to go about it. The company offers a stress-free selling experience and will give the individual a fair deal for their property.

How Do You Inherit Property in Texas?

Dealing with the death of a relative is always hard, no matter how close you were. Sorting out the heirship is not an easy process and can prove to be quite stressful and challenging. Yet, it must be done. Each state has its own laws and procedures for distributing the possessions of the deceased, and the state of Texas is no exception. There are multiple ways that a person may be considered an heir to the estate of another, but the most likely candidates are the spouse, children, siblings, and parents of the deceased. Texas inheritance laws are complex, and many factors affect the heirship process. The good thing is that there is no inheritance tax in Texas, so you shouldn’t stress about it! In this article, we’ll try to decipher the heirship process to the best of our abilities. However, we can’t account for every situation and strongly recommend speaking with a qualified estate planning attorney to help guide you through the legal process.

Inheriting If There Is a Will

The heirship process will significantly depend on whether there is or isn’t a Will. If the deceased has left the Will, the process will be much simpler. If your name is mentioned in a Will, then a legal process known as “Probate of Will” must be completed. You cannot do anything with the property before the probate is concluded. Probate is a legal court-supervised process that will give recognition to a Will. The process will not take long, isn’t expensive, and is relatively straightforward. You could avoid probate if a person applied for a living trust before death. Suppose that’s the case, then you have to contact the organization that provided a living trust, and they will provide the information on what you should do. Each organization has its own rules and conditions, so let’s focus on Probate of Will. First, you need to apply for probate, which is typically done with the help of an attorney. Then the named Executor has the authority to distribute the assets of the estate to named beneficiaries according to the wish of the testator. The Will dictates who should get the property.

Inheriting If There Is No Will

There could be a situation when a person doesn’t mention a specific property and the receiver in the Will or fail to make a Will altogether. In this situation, the deceased is referred to as intestate. To successfully inherit the property, a very different heirship process has to be completed in such a case.

• The first step is to fill an Application to Determine Heirship with the help of the county clerk’s office. Usually, it’s done in the county where the person lived before death.
• This application is typically accompanied by another – Application for Administration of the Estate. In this application, a request to the Judge is made to choose and appoint a specific family member who should transact the business of the estate.
• After these two applications are filed, the clerk’s office should post them at the courthouse. Then a local newspaper has to publish a notice of the proceedings so that anyone who has an interest in the property may be notified and have the ability to assert their legal rights.

 Attorney Ad Litem

• An Attorney Ad Litem is then appointed by the Court. Attorney Ad Litem is a local attorney whom the Judge can trust. This Attorney should do an independent investigation to determine the estate’s property’s legitimate heirs.
• When the heirs are identified and adequately notified, a hearing at the court can be conducted at last. At the Hearing, the person who wants to be appointed as the Administrator of the Estate with two witnesses, their own attorney, and the Attorney Ad Litem has to present their evidence. The witnesses testify about the absence of Will, and the Attorney Ad Litem presents the list of heirs. Each party should present their evidence for the court to appoint the estate administrator and determine who should receive the estate or its portion.
• Finally, the clerk will issue Letters of Administration to the Administrator. The Administrator will be granted the authority to transact the business of the estate. They will identify, collect and distribute the property. This will end the process, and all the parties should receive their due.

As you can see, the process of inheriting property without a Will is complicated. That’s why the best course of action will be to contact your local attorney or law firm to guide you through it.

What to Do With the Acquired Property: Keep It, Rent It, or Sell It?

When you finally find yourself the owner of the house or other property, you’ll most likely be wondering what you should do with it. There are a few paths that you can take. At this time, you should separate emotions and make a decision based on what is the most reasonable thing to do. You might want to keep the property, especially if it’s the house you’ve grown up in. It is not a viable solution in most cases since you most likely have a place to live, and managing two houses is neither easy nor cheap. You may consider moving into the inherited house and selling your previous home. One of the best ways to sell your house quickly without hassle is to sell to NeedtoSell.com.

Rent the inherited house

The other option is to rent the inherited house. Renting can prove to be a good secondary source of income. Yet, it’s not that easy as it seems. In most cases, you have to do some repairs and renovations before renting to increase the price of the potential rent. Repairs and renovations are costly and need to be done every couple of years to keep the house in pristine condition. Finally, you should have your property appraised and consider whether it’s more profitable to sell your house now or rent it. Remember that NeedtoSell.com provides house appraisal services for free.

Sell the house

The third choice, and the one that makes the most sense in the majority of cases, is to sell the house. Of course, there can be an emotional value attached to the house, but in time the building will deteriorate and the prices for real estate are always hard to predict. You may lose more money the more you wait. The housing market in Texas is booming right now. The prices have grown incredibly over the span of the last two years. Consequently, now is the best time to sell your property and get a great deal for it. The prices might fluctuate in the future so don’t lose your chance!

Best Way to Sell Your Inherited House For Cash Fast

If you decided to sell your property, consider selling to NeedtoSell.com. We understand that dealing with the typical selling process right after the death of a loved one is a tiresome thing. By choosing to sell to NeedtoSell.com, you’ll ensure that you’ll sell your house in the shortest amount of time possible. Also, you get a competitive deal. Forget about dealing with agents, listings, marketing, and so on. We offer you a stress-free selling experience without requiring you to make any extra expenses. If you are selling a property in Texas, we can appraise it at any time that is convenient for you. After the appraisal, we’ll give you a fair deal, and you’ll be able to choose when to close it. We buy houses “as-is” and don’t require you to repair or renovate the house even if it’s heavily damaged. With NeedtoSell.com, you are most likely to get the same amount of money for your house as if you were selling yourself or with the realtor, but quicker and without any inconveniences. Get the most value from your inherited house and get cash fast, sell to NeedtoSell.com!