What to Do with an Inherited Property

Saying goodbye to a loved one who has died can be one of the most difficult things you’ll ever have to do, and it can seem overwhelming to think about, let alone actually deal with, the physical property that they’ve left to you. If you’ve inherited a house or other property, you may not be sure what the best steps are to take care of it. At EZ Storage® in Detroit, we can help you find a suitable self-storage option, should you have things that you need to store for a few months.

Step #1. Talk With Your Family

dreamstime_xxl_18451751 If you’re the eldest child, or perhaps the only child, the house will most likely come to you once your parents are deceased. If you have siblings, it’s important to talk to them about what should be done with the house and all the items inside of it. If you deem that it’s a good idea to move everything out of the property, put some things into storage, and sell some other items, we can help you find the best spot for the stuff you’re going to keep. If you don’t have any siblings, it can be good to talk with an aunt or uncle who knew your parents will and who can provide some insight on what you should do. Older relatives may have gone through the same process, and they can offer advice and guidance on the best path to take.

Step #2. Talk With An Attorney

Hopefully your parents or grandparents had an estate attorney who’s handling the legal side of things following their deaths. It’s important to know what your rights are as an heir, as well as what you can and can’t do with your loved one’s property. If you want to sell the house and some of the possessions, you’ll want to be sure you’re legally cleared before you put a “For Sale” sign in the yard.

Step #3. Talk to the Bank

If the house you’ve inherited isn’t paid for, you’ll want to be sure you know how much is left on the mortgage. Even if your parents owned the home for several decades, there may be a second mortgage on the property that needs to be settled, which can be done by selling the house. You’ll also want to talk to the bank about any estate tax that is owed, as well as what you may owe now that you have inherited valuable assets.

Step #4. Clean the House

dreamstime_xxl_52471203 Even if you’re not going to sell the property right away, it can be a good idea to give the house a good cleaning. Your parents may not have been able to keep up with the cleaning over the past few years, and one or both of them may have been living in a retirement or nursing home before they passed away. Cleaning the house from top to bottom gives you the opportunity to go through everything, take inventory of what’s in the house, and decide what you want to keep and what you want to sell. It can also be cathartic emotionally, as you may discover some long-lost memories or a piece of decor that you remember from your childhood. If you do decide to sell the house, cleaning it will get it ready for real estate staging and showings.

If you’ve inherited a property and you need somewhere to store things for a few months, come to EZ Storage® in Detroit today. We have locations all across the greater metro area, and the staff at each one can help you find the perfect self-storage solution. We have standard and climate-controlled spaces, and our state-of-the-art security systems will ensure that your possessions are safe and sound.