Everything you need to know about Inheriting a house in Shreveport/Bossier
In Shreveport/Bossier, the percentage of people 65 and over is around 16.5%. Most of those people don’t have a plan for what happens when they pass. Inheriting a house is a lot to take on and think about, and it’s important to be prepared for what happens when a loved one leaves you such a huge unexpected asset.
Going through a succession
67% of Americans don’t have an estate plan for when they pass. That means chances are the estate will have to go through a succession. The succession process can be long. There are lots of documents you have to provide, and it’s important to make sure the process goes smoothly. Here’s a general overview of the succession process:
To start the succession process, a case is opened in the relevant Louisiana court, typically in the parish where the deceased person lived. An executor (if named in the will) or an administrator (appointed by the court if there’s no will) is designated to oversee the proceedings. This marks the official commencement of the legal procedures necessary for settling the estate.
The estate’s executor or administrator takes charge of creating an inventory of the deceased person’s assets, which includes obtaining appraisals. The next steps involve notifying creditors of the individual’s passing, allowing them to make claims against the estate for any owed debts. The estate is responsible for settling outstanding debts, paying applicable taxes (such as income, estate, or inheritance taxes), and ensuring that the remaining assets are distributed among the heirs or beneficiaries in accordance with the terms of the will or Louisiana intestacy laws if there is no will.
Upon completing all necessary tasks, including settling debts, distributing assets, and fulfilling tax obligations, the court issues an order officially closing the succession. This signifies the conclusion of the legal process. In certain cases involving real estate, title transfers may occur to finalize the distribution of assets to the rightful heirs or beneficiaries. The executor or administrator may also provide a final accounting to the court, detailing the financial transactions related to the estate. The closure of the succession formally concludes the legal proceedings associated with settling the deceased person’s affairs.
An attorney can help you with everything you need to know when inheriting a house in Shreveport/Bossier. It can really speed the process along and make sure there aren’t any mistakes or mis-steps with paperwork. You will pay some money upfront, but it’s money well spent and is usually very affordable for the amount of work the estate attorneys do. Here’s an article on exactly what steps you need to take when going through a succession. https://www.righttimehomeoffers.com/blog/inherited-a-house-what-to-do-in-shreveport/
Estate sales are great for quick decluttering
When a loved one passes, it can be a lot to go through and organize all the things they leave behind. Working with a local estate sale company can make everything a lot more manageable. Instead of having to organize, pack, sell, and move everything in the house, all you have to worry about is picking out the things you want to keep that have sentimental value to you. After that, the estate sale company will take care of the rest. There are a few great estate sale companies here in the Shreveport/Bossier area. I like using Carole’s Estates.
First, they’ll sit down with you and work out a plan for the whole process with an in-depth consultation. This will help you both to discuss the estate, it’s size, and the types of items involved. You’ll work together to plan the sale timeline, logistics, and pricing strategies. Often times an estate sale will take place over a single weekend, but if you have time to hold the items an extra weekend, that could help out sales.
Then, the estate sale company will get to work. They will take time organizing and assessing the value of all items in the house. Sometimes they even bring in professional appraisers to manage more valuable items. They’re great, and will of course bring in anything they need to get everything displayed properly for the sale for maximum profit. I do know that Carole’s Estates specifically also bonded and insured. They’re all about friendly professionalism, and do things the best way possible.
Any advertising will be handled by the company. They have great ways to attract the exact right buyers for your estate’s unique flavor of items. When the sale date happens, they handle everything from set up to take down. They even clear everything out for you afterwards, leaving your inherited house empty and ready for it’s next adventure.
Usually estate sale companies work on a commission basis, splitting the proceeds of the sale with you in a very fair way. They’re worth every penny for speed and efficiency and will help you get the most value out of your loved one’s items. It helps to know all the items sold will get a second chance at being loved by another family. The house can also look drastically different once everything is cleared out, helping step into a fresh start for the house and everyone involved in the estate.
Take a hard look at whether keeping the house long term makes sense
After the house is cleaned out and everything is empty, you’ve got some decisions to make. Do you want to keep the house or sell? Both are good options, but of course it depends on what your personal goals are, and what debts are attached to the house.
Selling makes a lot of sense if you aren’t ready to inherit a mortgage or the maintenance that comes with being gifted a surprise asset. There’s a lot of work that comes with upkeep on a house. If you don’t have plans to fill it with tenants that can help offset some of the costs that come with holding onto a property, maybe think about selling. Every week/month/year your house sits vacant is lost opportunity costs, more maintenance costs, and holding costs. You’ll need to carry insurance, pay utilities, and pay taxes.
If you want to keep the house, you do get a profitable asset if done right. To do everything the easiest and smoothest way possible, make sure you get a reputable property management company. Fill the house with responsible tenants, and you get to sit back and collect a monthly rent check. Just factor in management costs, vacancy reserves, repair reserves, and any holding costs like insurance and yearly taxes you might be on the hook for.
Consider what selling for cash would look like
Part of everything you need to know about inheriting a house is if a cash sale is the way to go. We handle everything from A to Z. If you need help moving things out, we’ve got your back. Don’t want to go through the process of an estate sale? No problem. We buy completely as-is. That means unwanted items and all. Just take what you want, and leave the rest.
There’s no time on market, and we can typically close in as fast as 7 days, but of course on your timeline. If you need a few weeks or months, take your time and we’ll close when you’re ready. You don’t need to do any work to get the house ready to show. No worries about any hidden fees or commissions. The price we both agree on is the price you walk away with.
Ready to sell fast in Shreveport? We’re ready to make you an offer right away. Just fill out the form below or call our office at (318)217-2167.