The inheritance of real estate assets can result in family members asking themselves a key question - “do all heirs have to agree to sell property?” We share our insights on the complexities related to inherited property to help families in this situation find common ground.
Understanding property inheritance
Property inheritance is typically governed by the decedent's will or by state intestacy laws if no will exists. Inherited property may include real estate and personal items. Due to its significant value and emotional connections, real estate often becomes a focal point of inheritance discussions and disputes among heirs.
A well-structured will is crucial in defining how property should be distributed among heirs. It explicitly states the wishes of the decedent, offers guidance to an executor, and reduces potential conflicts among beneficiaries. Estate planning professionals play a vital role in drafting these documents, and ensuring they comply with legal standards while accurately reflecting an individual’s intentions.
For simple guidance about why and how to draft a will, see 10 Basic Facts About Writing a Will.
Probate and executors
When a person passes away, an estate typically goes through a probate process unless arrangements like living trusts had been made to avoid it. Probate is a legal procedure where a court oversees the distribution of an estate according to the will’s provisions or state law. During probate, the court appoints an executor—often named in the will or selected from close family members if no will exists. This executor is charged with several duties, including the liquidation of assets, payment of debts, and distribution of the remaining estate to the rightful heirs.