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Selling a home after a parent passes

On Behalf of | May 18, 2023 | Estate Planning |

After a parent dies, you may find yourself in possession of their Maryland home. While you have the option of keeping the property, you may ultimately decide that it’s best to sell it and use the proceeds for some other cause. Alternatively, your parents may stipulate that the home is to be sold with the proceeds split between yourself and your siblings.

Preparing the home for sale

Before putting the home on the market, have it appraised, cleaned and inspected. Taking these steps may make it easier to list the property at an attractive price and streamline the process of selling it. You should also review the title to the home to ensure that it is free of any liens and that it can be transferred to a buyer if one is found.

If the home is in probate

Selling a home may be more complicated if the house is subject to probate. This is because you may not be able to transfer ownership until any claims brought by other heirs and beneficiaries have been resolved. However, if the home was kept in a trust, you should be able to take ownership of the property immediately assuming that you are the sole beneficiary of that asset.

After your parents pass away you are required to follow their estate plan as closely as possible. Therefore, even if you want to keep their home, it may be necessary to sell it if that is what they want you to do. Adhering to their wishes may be easier if you talk to them about their estate planning goals during their lifetimes.