Knowing the right questions to ask an estate lawyer after a death of a loved one, especially when inheriting a house, can help you make an informed decision about your next steps. At Linley Welwood, they understand how difficult the entire estate process can be. That is why their professional lawyers are trained to handle wills, estates, and trusts with highest level of care possible.
Questions to Ask an Estate Lawyer When Inheriting a House
Some of the main questions to ask an estate lawyer when inheriting a house include:
1. What is the Probate Policy for British Columbia?
Unless your loved one went through the process of advanced estate planning before their death, the house and estate will have to go through the local probate process before any assets can be spilt up amongst the beneficiaries. In order to find out about the probate policy for British Columbia, it is always a good idea to find a lawyer that specializes in probate law to answer any questions you might have, as well as to guide you through the entire probate process. Once you understand the process, you can begin to ask more pointed questions about the house to get insights into what direction to move.
2. What are the Monthly Expenses?
It is important to ask the estate lawyer questions related to the ongoing expenses and upkeep of the property, such as:
- Is there a mortgage?
- Are there any association fees?
- How much does electricity, water, landscaping, insurance, taxes, and the general upkeep cost?
Taking the time to find out and compile a list of the monthly expenses the house carries can help reduce the chances of any surprise expenses popping up in the near future.
3. What Should I Do with the House?
When it comes to inheriting a house, there are three options that you can choose from: 1) keep the house for personal use. 2) rent the house. 3) sell the property. While keeping the home for personal use will provide you with the opportunity of owning an equitable property, renting the home can provide a source of passive income and selling will allow you to convert the home into cash.
4. How Much is the House Worth?
No matter what you are planning on doing with the property you have inherited, knowing the value can give you insights into how to best split the property between multiple heirs or if selling is the best option. Consider asking a realtor for a comparative market analysis to find out the estimated market value of the house.
If you would like to learn more questions to ask an estate lawyer after a death of a loved one, or if you are interested in one of their legal services for car accidents, business law, real estate, family law, serious injuries, and wills, estates, and trusts, please contact Linley Welwood at 604-850-6640 or by filling out a form on their website.