Have you inherited property in McAllen? Sadly, often you may suddenly face life without your parents, who have left their property to all of their children without a specific plan in place, which can become a chaotic experience. Dealing with a load of paperwork and details during such an emotionally difficult time can be extremely daunting. Probate, Hidalgo County Probate Court, lawyers… that’s a lot of important legal and financial information to deal with.
While you may have fond memories of the family ranch, when you suddenly find yourself an heir sharing the responsibilities for the property, it can be both an emotional and financial burden. Even for siblings who can move through the loss of their parent without disagreements, the estate settlement will be a long, costly, and frustrating process that can take years if you should face probate court.
Keep on reading to learn five tips for siblings dealing with inherited property in McAllen
Have One Person in Charge
If your parent didn’t set out a strategy in the will, such as appointing a non-sibling trustee, having one person coordinate everything is advantageous for siblings dealing with an inherited property in McAllen. There should be one central checklist to ensure that everyone follows up on the steps necessary to manage the property. It is helpful to handle all of the tasks by dividing the responsibilities among the siblings, and everyone can keep the person in charge of their progress, such as paying property taxes or performing routine maintenance of the property. You may find it best to hire a property manager and share the expenses.
Stay Calm and Civilized
The sad fact is that nearly 70 percent of Americans die without a will in place. Communication is key and an essential for siblings dealing with an inherited property in McAllen. If you cannot have calm, adult discussions regarding the property, it may be wise to ask somebody impartial to help mediate. And keep in mind that it is better to act sooner. Talking all the details over will help avoid conflict among siblings and other family members; after all, preserving good family relationship is key. Too often, you see how an inheritance divides people and creates a toxic environment. It is not worth it.
Motivations
Sometimes a parent does not split the inheritance evenly; he may favor one child over the other, maybe based on who he thinks has more need. In occassions, he may distrust a child’s spouse and place their portion of the inheritance under the control of another party. In contrast, other parents may prefer splitting the estate evenly in the hopes of avoiding hurt feelings or jealousy. Whatever the parents decision was, it is important to try to understand the motives behind it.
One of the top conflicts among siblings is how to divide an inheritance, so it would well serve parents and their children to discuss the matter openly before the invevitable comes. Understanding the motivation behind the estate division is helpful for siblings dealing with an inherited property in McAllen.
Be Fair
Being incredibly realistic is a valuable tip for siblings dealing with an inherited property in McAllen, which means acknowledging that there may be disagreements in the future. Try to brainstorm a plan to avoid future conflicts; it is very hard to agree on everything if you have several people involved. You may decide on a majority voting system to come to a consenus. That may alleviate some issues and in this way everyone may feels the decisions were fair. You will be glad you took the time to create some rules for guidance on permanent decisions, above the individual emotions of the siblings, which may be temporary.
Sell Property and Split
Finally, for siblings dealing with an inherited property in McAllen, selling the property and splitting the profits is a good solution if owning property will cause major disagreements. Another reason to sell and divide the proceeds is when the house has many pending obligations and it is hard for the siblings to come with the money upfront to take care of them. Perhaps none of the children wish to live in or use the property. While many parents have the best intentions, sometimes they pass on a home that needs major repairs and the heirs don’t have the time or interest in fixing it up. Another situation that may call for the siblings to agree to sell is when the property is in pre-foreclosure, which will requires a quick sale.
At Dolfin RGV, we can help siblings quickly and easily deal with selling an inherited property in McAllen. Would you like to share your situation with professional without any obligation? Feel free to ask us any questions or concerns you might have about the process. The professional buyers at Dolfin RGV have a system that allows us to close with cash in a matter of days or weeks when you are ready to sell. Send us a message or call Dolfin RGV at (956) 904 5234, we are happy to help.