Estate Planning & Inherited Homes

What to gather first

The organizer has a page for each of these.

• Will, trust and any amendments, and who holds the originals
• Names of the executor, successor trustee and powers of attorney
• Bank, retirement and investment accounts, with beneficiaries
• Life insurance and annuity policies
• Deeds, mortgage statements, property tax bills and home insurance
• Vehicles, safe deposit boxes and digital accounts
• Recurring bills and subscriptions to stop or transfer
• Wishes for personal items, pets and final arrangements
• Key contacts: attorney, CPA, financial advisor, doctors and family

How a trust or probate sale works, in plain terms

Trust sale. When a home is held in a living trust, the successor trustee usually has authority to sell without going to court. Title will ask for trust paperwork and the death certificate, and the trustee signs the listing and sale documents.

Probate sale. When a home goes through probate, the court appoints an executor or administrator. With full authority under the Independent Administration of Estates Act (IAEA), they can often sell with notice to heirs and no court hearing. With limited authority, or if an heir objects, a court confirmation hearing can apply, where other buyers may overbid.

Either way, we coordinate with the estate attorney on timing, disclosures and paperwork.

Inheriting a home: questions for your CPA

Before you decide to sell, keep or rent, ask your CPA:

• Does a step-up in basis apply to this home, and how was title held?
• What date-of-death valuation do you need, and should we get an appraisal?
• How would selling now versus later, or renting it out, affect taxes?
• If siblings inherit together, how should proceeds and expenses be handled?

Prop 19. Prop 19 changed how property taxes can carry over when a parent passes a home to a child. Whether reassessment applies can depend on primary-residence use and other conditions, so verify it with a CPA or estate attorney and the county assessor.

When to bring in an estate attorney

Talk with an estate attorney when there's no trust, when probate may be needed, when heirs disagree, when title is unclear, or before signing as trustee or executor. We don't keep a partner directory, but we're happy to share introductions on request.

How Ryan's construction background helps

Inherited homes often have deferred maintenance. As a licensed general contractor, Ryan can walk the home with you, separate must-fix items from cosmetic ones, and help you decide what is worth doing before listing and what to leave for the buyer. Denise helps with clearing, donating and light staging so the home shows well without a big outlay.