The passing of a loved one is a sad thing. And dealing with all the belongings of a loved one can seem overwhelming. If you have inherited real estate, including vacant land or lots, you will need to familiarize yourself with the laws in your state to know how to handle each asset.
For Those Whose Spouse Has Passed Away
Some states have laws that say any property bought by one spouse during marriage is automatically owned by both spouses. And other states say that only the spouse who purchased the property owns the property. You must know the rules in your state to understand what happens to land when a spouse passes away.
The deed, which is the piece of paper that says who owns a property, is important as well. How the names are written on this important document matters. The deed may list you as the remaining owner of a property in case your spouse dies. Or it may be written such that another person can inherit the property instead of you on your spouse’s passing.
Inheriting Land From a Parent
You may think that as a child of a parent who has passed away that you automatically inherit anything your parents had. But this is not always true.
Property may be passed to others outside the family in a will, a document that your parents wrote to say what happens to their belongings when they die.
If there is no will, you may inherit the property outright, or only inherit a partial interest in the property. It is even possible that you won’t inherit the property at all.
For Others That Have Inherited Land
You may have been told by a family member or friend that you will one day inherit land or other property from them. Even if you have been told this, it does not always mean that this person wrote this in their will. If it is not written in a will then it may not come to pass at all.
In All Cases
In all cases, you do not legally own inherited land until the county where the land is located has recorded YOU as the owner. This means that the first step in being able to control what happens with this land is to make sure that you are listed as the owner on the property’s deed. Once you are listed as the owner, you can decide whether you want to keep the property or sell it.
How Do I Get My Name On The Deed?
Your loved one’s estate must be settled either by a will or by a process called probate, to determine how belongings are divided. An estate attorney or probate attorney can handle these things.
They charge a fee for their services, but it is well worth it to get assets into the hands of the heirs in a legal way and in the least amount of time.
A Note On Taxes
Unfortunately, the death of a loved one does not stop the tax man from coming. Until your loved one’s estate is properly settled, someone will have to pay property taxes for the land. These taxes are due once a year. If not paid, the county could potentially take the land to pay for the taxes.
Another tax issue to consider is inheritance tax, sometimes also called the death tax. When your loved one’s estate is settled, the government may request some money back before the assets can be passed down.
It is very important for you to talk with a tax professional or accountant about these issues so that they don’t catch you off guard. Your estate attorney can also provide some guidance on this issue. A good tax professional or attorney will cost some money, but it is worth it to make sure things are handled legally and with minimum costs to you in the long run.
My Name Is On The Deed. Now What?
Once your name is listed on the deed for a property, you are entitled to do with it what you please. You could leave it vacant and as-is, build a home on it, or sell it. Some people who have inherited land want to keep vacant land as an investment. Others are eager to sell it and move on.
If you would like to sell you inherited land, a Land Buying company like Quick Land Solutions can provide a low-stress selling solution designed to make selling your land easy. If you would like to get a no-pressure quote on how much your land make you, click HERE.
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