Your home is not just a valuable asset, but also the place where you store your family memories and spend most of your time. In the past, people lived in their homes without considering the importance of having a say in what happens to their house when they pass away. The transfer of ownership of the property depends on the owner’s estate plan, financial situation, and state laws at the time of death. Here’s what you need to know about it.
The property must go through the probate process, where the court supervises the payment of debts, account closures, and distribution of the homeowner’s assets and belongings after their death. Generally, assets like real estate will either transfer ownership to a beneficiary or be sold to pay debts. Typically, the property passes to the spouse after the owner’s death. If a deceased person’s home belongs to someone who is not their spouse, the deceased person’s share of the property may pass directly to the other owner, or it may pass to the decedent’s heirs, depending on the title’s language.
What Happens to a Memphis House if the Owner Dies and There Is a Will?
When the owner of a house dies and has a Will, the property passes to the beneficiary named in the document. After the Probate Court validates the Will, the Executor can assist in transferring the property to the heir. If the property is sold as part of the estate, the proceeds are distributed to the beneficiaries as specified in the Will. The Executor is responsible for overseeing the sale of the property, paying outstanding debts and taxes, and ensuring that the property is inherited by the heir.
What Happens to a Memphis House if the Owner Dies and There Is No Will?
When there is no Will, the Probate Court distributes the property and assets according to the Intestate Succession laws of that area. The Probate Court determines whether or not to sell the property to cover debts or any legal fees associated with court proceedings on behalf of the Estate. Typically, property ownership will go to a spouse, child, parent, or sibling (in that order). The distribution will depend on the degree of relationship between the deceased person and potential heirs.
What Happens to a Memphis House When the Owner Dies and There Are No Heirs?
If the owner of a house dies with no heirs, the Probate Court applies Intestate Law to determine the next possible beneficiary. If there are no surviving relatives and no Will, the state takes possession of the property. In most cases, the state will hold the property for a certain period, typically several years, to allow any potential heirs or creditors to come forward and make a claim to the property.
If you have inherited a house, you can prepare it for sale by taking pictures and gathering furniture, photographs, and other mementos that you cherish. Clear the house out, clean it thoroughly, and present a beautiful empty house to buyers. Consider giving the house a paint job to make it feel fresh and lived-in. Selling an inherited house can be challenging, but we can help. We are professional house buyers who can make you a no-obligation cash offer for your house. Contact us to learn more.