Of all the types of assets, real estate is usually the most emotional. It is, after all, difficult to make memories in a mutual fund (which is a feature of diversified investments, not a bug). So when you inherit a house from a parent, it’s important to recognize the emotional attachment will likely influence your decision-making. Before deciding what to do with an inherited home, consider all the angles and potential outcomes — particularly if you inherited the house with other family members.
Options for an inherited home
Whether you’ve inherited a home by will or as a beneficiary of a trust, you’ll likely have some decisions to make about what to with the property. In most situations, the beneficiaries of an inherited house will choose from the following options:
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