Succession is a mixed bag of emotions. On the one hand, you possibly have some unexpected assets, including a house. On the other hand, if it’s a house, it’s usually not in the area you want, or has a mortgage you weren’t planning on, or just isn’t something you’re able to keep up with at this time. It’s important to know what you’ve got on your hands, and to be informed about all the possibilities. Is it better to go through the succession process for a house? Is it possible the house is a potential liability? It’s important to understand the succession process for a house in Shreveport, LA.
What is succession?
Succession and probate are the same thing; we just like to be a little different (in a good way) here in Louisiana. So if you’ve heard it both ways, like I have, I hope that clears up any confusion. A succession legally transfers property ownership from the person who has passed on to the person who will own the property next (the heirs). Sometimes the succession process and the property that goes with it can end up being a life changing opportunity if done the best way in Shreveport…
How to begin the succession process for a house in Shreveport
First, I’d highly recommend consulting with an attorney. Dealing with all the legalities of the succession process is overwhelming at best, and seemingly impossible at worst. When you’re already dealing with the emotional upset that the passing of a loved one brings, it’s nice to have one less thing on your mental plate to have to deal with.
The number one question I get when buying houses through the succession process is, “How much does it cost?” That’s absolutely important to know, and is the first hurdle to overcome in getting started. The average cost of seeing the succession process through start to finish is around $2,500- $3,500 in the Shreveport/Bossier area.
Be assured Shreveport/Bossier have lots of great attorneys to choose from, and most are nothing but friendly, professional, and efficient.
Next: List of documents you’ll need to start succession
So you’ve planned the meeting with your local attorney, now you need to get your documents together. Here’s what you’ll need:
- Death Certificate:
- A certified copy of the death certificate is typically required to initiate the succession process.
- Last Will and Testament (if applicable):
- If the deceased person left a valid will, the original document or a certified copy is needed for the court to determine the validity of the will and carry out its instructions.
- Proof of Heirship:
- Documentation establishing the identity and relationship of heirs, such as birth certificates, marriage certificates, or other relevant records.
- List of Debts and Liabilities:
- A list of outstanding debts and liabilities of the deceased person’s estate. This may include credit card debts, mortgages, and other obligations.
There are a lot of other documents/petitions that your attorney will help with, including inventory and appraisals, creditors notices, receipts and releases from heirs, any court forms, filings, and judgments needed.
So you’ve completed the succession process — now what?
Congratulations! After all that work, you deserve a date with your favorite treat, your comfiest blanket, and a binge-able series to watch on Netflix. Now is the easier part — you’ve got a house through the process of succession. An asset. Sometimes a life-changing asset. There’s a few things you can do with that house.
Maybe you want to keep the house. If it has a mortgage, you inherit that mortgage as well. If you’re comfortable paying that note monthly, maybe you keep the house. You can live in it, rent it out, run an animal shelter with it, or start a home-based business in it… Word is homemade marshmallows are the next big hit (you heard it here first!)
Or, you inherit the mortgage and it’s not something you want to keep paying on. In that case, selling makes sense. If it’s in good condition, and you have time and money to wait, stage it, and pay all the costs and fees associated with putting it on the market, selling with a realtor is absolutely your shot at getting the most money out of your house.
Mortgage or not, if you want to sell and make a decent profit without waiting for time on market and the strings attached, a cash offer may be the way to go. Here’s a few point to consider:
Selling for cash: help with attorney fees and transitioning
Selling a house can be complicated without a succession. With a succession, there are definitely more hoops to jump through.
If you are stuck on how to start the process of going through a succession here in Shreveport/Bossier, we’re here to help. We even take on the attorney fees for you, where we can. That can make selling to a cash buyer an attractive option for a seamless transition and help every step of the way. You’ll avoid the time on market, the closing costs and fees, won’t have to do any updates, and we can typically close within 14 days. We even help with estate sales, as needed. If you’re wanting the cash benefits from your inherited asset without the headache, it’s a great path forward.
And hey, if you only want advice on the best attorneys, real estate agents, or anything else, ask away! I’ve been part of enough successions to know the process is tough without a community of people willing and happy to support where they can.
It’s completely free to contact us through our website form and get a consultation next steps forward. For immediate assistance, call or text (318)217-2167. You can also an email message on our site, and we will call you within the shortest possible time.
We are always here to help walk you through the succession process for a house in Shreveport. We look forward to speaking with you.
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