3 Tips for Handling Your Inheritance

Posted on: October, 22, 2015
Categories: Later Life Planning,

Losing a loved one is never easy, and if you find yourself trying to sort out their property and assets, and managing their estate, it can feel like you have no opportunity to grieve properly. If you are left a portion of a house, with one or more other parties also receiving a share, then it can seem even more daunting. Take your time to consider what to do with any cash you are left, and try to come to an amicable arrangement with any co-owners of property or assets.

If you decide to sell the house, then you should try and resolve the matter quickly, especially if the property holds a sentimental link to a lost loved one, but you should remember that private buyers will be more inclined to see the benefits of the property if they can see it with furniture and other items inside – don’t completely gut the property unless you are selling to an organisation like Quick Buyers, who can arrange a fast sale for inherited properties.

1 – Don’t Completely Clear the House

If you inherit a house, and decide to rent it out or to sell it on the open market, it can be very difficult to attract potential tenants or buyers, if you show it when it’s completely empty. Future owners and tenants will appreciate seeing the property with at least some furniture in, because it gives them an idea of what they can and cannot fit inside. While you may want to sell everything eventually, because you don’t have the room to keep a second set of furniture, try to wait until you have a buyer lined up.

2 – Try to Reach an Amicable Agreement With Co-Owners

If you and siblings, or you and other parties, are left equal shares of a property, then you should try and reach an amicable agreement over what you will do with the property. While it is possible to get the courts involved, this can lead to dispute and can even ruin sibling relationships; almost certainly the last thing that your parents wanted when they shared the property between you. Try to come to an agreement that benefits everybody, in order to keep relationships positive while looking after everybody’s interests.

3 – Take Your Time Deciding What to Do With the Cash

If you are left cash, stocks, and other assets, take as long as you need in order to decide what to do with it. Rushing in and spending the whole inheritance on a luxury holiday means that you won’t have anything left over. Consider paying off high interest debts, investing some of the cash in your future, and also ensure that your own will is in place, so that you can determine what will happen with any assets and cash that you leave behind.

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