Inheriting a House
When you know that you are going to be inheriting a house, nothing has to be done immediately. You and siblings will have a lot of different emotions and memories about the home. Think about what the home means to each of you. Some may want to sell and split the proceeds immediately. Others may think about living in the house again. Still another alternative is to rent the house. Everyone will want to know what the house is worth.
Many questions will arise as the heirs may be confused about what to do when they inherit a house.
What is probate and how much do they owe in inheritance taxes?
There is no probate if the only assets that the deceased person owned in his or her own name, alone, need to go through probate. All other assets pass to new owners without oversight from the probate court. Assets that go through probate make up what’s called the “probate estate.”
First, was there a will? According to The Peoples Law Library, “If the decedent did not have a will and assets were just in his name, Indiana law determines how the decedent’s property will pass to the family of the decedent.”
If there was a will in Indiana, then the probate laws kick in and the property is distributed according to the will. Probate isn’t always required after someone dies; it depends on what assets the decedent owned. At its most basic level, the probate process in Indiana involves two steps: paying your debts and transferring any assets to your beneficiaries
What is probate?
There is no probate if the only assets that the deceased person owned in his or her own name, alone, need to go through probate. All other assets pass to new owners without oversight from the probate court. Assets that go through probate make up what’s called the “probate estate.”
Nolo Law for All says “Probate is a legal process that takes place after someone dies. It includes:
- proving in court that a deceased person’s will is valid (usually a routine matter)
- identifying and inventorying the deceased person’s property
- having the property appraised paying debts and taxes, and
- distributing the remaining property as the will (or state law, if there’s no will) directs.
Indiana does not have an estate tax or inheritance tax. An inheritance tax is a tax imposed on the individual beneficiaries of an estate, while an estate tax is imposed on the entire value of an estate. So does Indiana currently collect a state inheritance tax, as opposed to a state estate tax? The answer to this question is No, not as of January 1, 2013.
During probate or when a property has cleared probate, the heirs may want to quickly dispose of the property. That’s where JT Integrity Properties, Inc. can help. The heirs may not want to bring the house up to today’s standards. There may be no money for repairing, or paying taxes. There may not be an inclination to spend time renting, or staging and showing the house. JT Integrity Properties, Inc. is a cash buyer solution. We can buy the property “As-Is” and we don’t require repairs; we pay cash and can close quickly if needed; and there are no closing costs or inspections for the seller.
Give us a call today at 260-202-2222 to let us know what YOU need help with!