When you lose a loving family member, you don’t even want to think about dealing with their estate. When you inherit real estate, it typically goes through the probate process.
How To Sell An Inherited Property in Missouri
Probate is the process that usually needs to happen first unless the estate is a small estate, or if the deceased person put their assets into a trust instead of a will.
What is Probate?
Probate is the legal process to settle the estate of a deceased person by proving a will in court or administering the estate if there’s no will. This process takes about a minimum of 6 months, but will usually take longer. Some things that can increase the time a probate process takes are the number of beneficiaries, if the beneficiaries can agree on what to do with the estate, and contesting the will.
What Documents Do I Need for Probate?
There are multiple forms that can be used for probate in Missouri. The process starts with the person who wants to be incharge of the probate estate filing an application with the Probate Court to become the executor. You’ll also need the decedent’s will, the death certificate, the decedent’s last tax return, and a list of heirs.
Where Do You Probate a Will in Missouri
You should probate a will at the circuit court of the city or county where the decedent resided at the time of their passing. If the decedent was living in something like a nursing home, probate should be filed in the county or city where they owned real estate. For example, if a person passed away in Jefferson County, buy owned property in St. Louis County, the will should be probated in St. Louis County.
Should I Fix Up My Inherited Property?
When you inherit a property, there might be both some trash in the house, as well as some repairs needed. It’s a good idea to at least clean out the trash, and get memorabilia out of the house that you want to keep.
If you do decide to make repairs to the house, you’ll want to focus on the important repairs, like a leaky roof, broken windows, and plumbing leaks. These are baseline things that any buyer would need to get fixed, so fixing these problems could attract more buyers.
Advantages Of Selling Inherited Property As-Is
You also have the option of working with a local cash home buyer. This allows you the option of not spending any time or money on the property. This is also a great option if you live far away from the property and don’t want to deal with the headache of fixing it up from a distance.
Paying Taxes on Inherited Property
Missouri Estate Tax
There is no Missouri Estate Tax
Federal Estate Tax
Federal Estate Taxes are only charged to a person’s assets after death, and if their assets are worth more than $12.06 Million.
How to Sell an Inherited Property Out of State
Selling your inherited property to a real estate investor can be a simple and easy way to not have to worry about the property anymore. Some investors buy properties as-is for cash, so you don’t have to worry about finding contractors that are far away from you. You also don’t have to deal with any realtors or the time it will take to actually close on selling the property. Cash investors also offer a guaranteed sale, without contingencies and financing.
Alternatives to Selling Inherited Property in Missouri
1. Rent the Property: This is a good way to create another stream of income, especially if the mortgage is already paid off and you only have to pay for maintenance. This will also increase the value of the property, so you can sell the property for more if you choose to do so. If you decide to do this, do plenty of research and figure out if this is a good option for you. This could be a headache to manage if you live far away.
2. Move Into The Home Yourself: This could be a good option if you’re living in an apartment, but would rather be living in a house. You’ll also have plenty of time to renovate the property and consider selling. You might be able to sell the property for more if you decide to do that.
How Can I Avoid Probate in Missouri?
Probate is mostly required in Missouri. However, there are a few ways to avoid it.
You can avoid probate in Missouri by placing all of your assets into a living trust. In this situation, all of your assets go to the beneficiary you named without going through the probate process. You can also assign a beneficiary to life insurance policies and retirement accounts. For real estate, you can put it into a quit claim deed, so that the living names on the title take ownership when an owner passes away.
Final Thoughts: Selling Inherited Property in Missouri
Selling an inherited property can be a difficult process. You should also consult an attorney before signing any probate documents.
If you want to sell your inherited home in Missouri, we’re here to help you through the process. No matter the type of property you’ve inherited, we’ll give you a worry-free experience when selling your home in Missouri.