Illinois estate planning: Inheriting a home

| Mar 21, 2019 | Estate Planning

Individuals writing estate plans have much to think about when it comes to their assets and who should inherit what. Illinois residents who are in the throes of estate planning may be home owners, and leaving real estate to a loved one or loved ones takes some careful planning. There are some important things to know, too, for those who will be inheriting or who have already inherited a home.

The first major decision, when on the receiving end of real estate, is to decide whether to keep the home or to sell it. While the beneficiary is pondering this, it’s crucial, if no one is living in the residence, to make sure it looks as though someone is and to make sure the property continues to be insured. If the beneficiary chooses not to move into the home, he or she could always lease the property if it has sentimental value and the person doesn’t want to part with it just yet, if ever.

There is always the prospect, too, of turning the property into a vacation rental since there are many websites around for people who are planning holidays and would welcome a different, more homey type of accommodation. Much hinges on how hands-on a new owner would like to be with the property. If the property is inherited by more than one person, a group consensus will be necessary, and a lawyer may be able to help sort out the details. 

There are many issues that can crop up with estate planning. An Illinois attorney may be able to help a client fashion a plan that meets his or her own life circumstances. A lawyer can enlighten a client whose plan includes property and what that might mean for his or her potential beneficiaries.