Inheriting a house can bring a mix of emotions. While it may feel like a gift, it often comes with the weight of new responsibilities—especially if you’re thinking about selling it.
If you’re a homeowner who’s recently inherited a property, you might be wondering what to do next. From dealing with legal paperwork to deciding if you’re going to sell, it can all feel a bit overwhelming. You may want to know more about how the probate process works, what taxes may apply, and how you can get an easier home sale.
1. Understanding the probate process
The first thing you need to know when inheriting a house in Seattle is how probate works. Probate is the legal process of settling the estate of a deceased person, including the transfer of property ownership. In Washington, probate is required to validate the deceased person's will and to ensure that all debts and taxes are paid before the remaining assets are distributed to the heirs.
If the deceased left a will, it goes through probate court, where an executor is appointed to manage the estate. The probate process in Seattle can vary in length depending on the complexity of the estate. It typically takes anywhere from 6 to 9 months. If the estate is particularly complicated or if there are disputes among the heirs, the process can take even longer. During this time, an executor is appointed to manage the estate. The executor's duties include:
- Notifying the heirs
- Publishing a notice for any creditors
- Taking full inventory of the estate, including banking and retirement accounts, stocks and bonds, real estate, personal effects, etc.
- Securing all assets
If there is no will, the original owner is considered to have died intestate. This means the property will pass to heirs according to Washington’s intestacy laws.
2. Tax implications of inherited property
One of the biggest concerns for anyone inheriting a house is the potential tax implications.
- Inheritance tax: There is no state inheritance tax in Seattle, but you may still be subject to federal estate taxes if the value of the estate exceeds a certain threshold. For 2024, the federal estate tax exemption is $13.12 million, meaning that estates valued above this amount may be subject to federal taxes.
- 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: You won’t have to worry about capital gains tax, because it isn’t applicable in Washington.
To minimize tax liabilities, it's advisable to consult with a tax professional who can guide you through the process and help you take advantage of any available exemptions or deductions.
3. How to transfer a property deed when you inherit a house
When you inherit a house, you will need to transfer the property deed to your name. In Seattle, this typically involves filing a TODD (Transfer On Death Deed) if one was in place before the owner's death. A TODD allows the property to be transferred without going through probate, provided that all conditions are met.
If there is no TODD, the property will need to go through probate before the deed can be transferred. The executor will file the necessary paperwork with the county recorder's office to change the ownership. All legal requirements will need to be met during this process, as any mistakes can result in delays or complications.
Once the deed is transferred, the new owner will need to update the property records with the local tax assessor's office and take over any responsibilities related to the property, such as mortgage payments, insurance, and maintenance.
4. Do all heirs have to agree to sell an inherited house?
When multiple heirs inherit a property, all parties must agree on what to do with it. This can be one of the most challenging aspects of inheriting a house, especially if there are conflicting opinions among the heirs. If all heirs do not agree to sell the property, it can lead to delays and even legal disputes.
If you plan on selling an inherited property in Seattle, you may need to work with a mediator or legal professional to facilitate the process. In some cases, one heir may choose to buy out the others to retain full ownership.
If an agreement cannot be reached, the court may intervene and order the sale of the inherited property, with the proceeds being divided among the heirs according to their share of the inheritance.
5. How long does an executor have to sell an inherited house?
The duty of an executor is to manage the estate in the best interest of the heirs, including the decision to sell the inherited property. There is no set timeframe for how long an executor has to sell a house, but the sale should be conducted in a reasonable amount of time to avoid unnecessary costs, such as ongoing property taxes, insurance, and maintenance expenses. The executor of an estate may need court approval before selling the property.H2 Sell your inherited house in Seattle
When you want to sell your inherited property, you can work with We Buy Ugly Houses® in Seattle. We’re off-market home buyers and local property buyers who live and work where you do. With our 3-step home-buying process, we can take you from offer to closing fast, sometimes in as little as 3 weeks.
Here’s how it works:
- Get a consultation. One of our local property buyers will come over, on your schedule, for a free consultation, where we assess your house and its features.
- Receive an offer. Once we’ve seen your house, we may be able to make an offer. Our offers are based on your home’s features and condition, local market comps, and other factors.
- Schedule a closing date. If you accept our offer, we will work with you to determine a quick closing date that best fits your selling timeline.
When you sell your house with We Buy Ugly Houses®, you get a home sale with less hassle and fewer expenses. You can even skip making home repairs and sell your Seattle house “as is.”
We pay all typical closing costs, and we never charge commissions or hidden fees. Our offers are based on your home's condition, local market comparisons, and other important factors.
Ready to sell your inherited house in Seattle? Reach out to us today to find out how you can get an easy home sale with We Buy Ugly Houses. You have nothing to lose by getting a hassle-free offer from us!
This blog is for informational purposes only and should not be considered legal advice.
