Inheriting a house can be both a blessing and a burden. While you’ve been given a gift, it comes with a lot of responsibilities and potential complications. If you've recently inherited a house in Milwaukee that you’re considering selling, it’s important to understand the potential legal and financial aspects of your inheritance and your sale.
1. How do you transfer inherited property to your name?
One of the first steps after inheriting a house is transferring the property deed to your name. To transfer the property deed, you’ll need to:
- Obtain the death certificate: You'll need a certified copy of the death certificate of the deceased person.
- Locate the will: If the deceased had a will, it should specify the executor and the beneficiaries. The will needs to be validated by a probate court.
- Go through probate: File the will with the probate court. If there isn’t a will, you will need to file a claim as an heir. The court will officially appoint an executor, who will have the authority to manage the deceased's estate. The executor will oversee the transfer of the property. This includes paying off any debts or taxes owed by the estate.
- Prepare and file the deed: The executor will prepare a new deed transferring the property to the inheritor. This deed must be filed with the Milwaukee County Register of Deeds.
2. What is the probate process?
Probate is the legal process used to settle a deceased person's estate. When you inherit a house in Milwaukee, one of the first things to determine is whether the property needs to go through probate. In Wisconsin, probate is generally required to confirm a will, pay off any debts, and distribute the remaining assets to the heirs.
During this process, an executor is appointed to manage the estate, and the heirs are identified. These roles are typically outlined in the will.
If there is no will, the estate is considered intestate, and an administrator will be assigned to act as the executor. In that case, the property will be divided according to Wisconsin’s intestacy laws, which usually pass assets to surviving family members like spouses, children, or other close relatives.
3. How long does the probate process take?
In Milwaukee, there isn't a set deadline for selling an inherited home, but the executor in charge should aim to do it as soon as possible, especially if there are debts that need to be paid.
How long it takes to sell the house depends on a few factors, like the condition of the property, the condition of the local real estate market in Milwaukee, and if there are any disagreements between heirs. If the house is in good shape and the market is strong, the sale could happen fairly quickly. But if the house needs repairs or there are disputes among heirs, it might take longer.
4. What happens when multiple heirs inherit a property?
When multiple parties are inheriting a house in Milwaukee, all parties must agree on the future of the house. This can sometimes be challenging, especially if the heirs have different opinions on whether to sell or keep the property.
If disagreements arise, consider mediation. A neutral third party can help all involved parties reach a consensus.
If an agreement can’t be reached, the matter may need to be settled in court. The court can decide on a fair resolution, which may include selling the property and dividing the proceeds among the heirs.
5. What taxes will you need to consider when selling an inherited house?
When you sell an inherited house, you will need to deal with taxes. Thankfully, there is no inheritance tax in Wisconsin. But you may still have to pay:
- Property tax: You will need to pay recurring taxes on the land, which continue to accrue after the original owner's death. If you plan to keep the property, you will need to take over these payments, as well as utilities.
- Capital gains tax: If you sell your inherited house, you might have to pay capital gains tax. This tax is based on the difference between the property’s value when the original owner passed away and the price you sell it for, known as the stepped-up basis.
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This blog is for informational purposes only and should not be considered legal advice.
