Guidance for Heirs, Successor Trustees and Families in Los Angeles & Ventura Counties
Inheriting a home can bring with it far more questions than most people expect.
What should we do first?
Do we need to empty the house?
Should we make repairs or improvements before selling?
What is a date-of-death valuation?
Should we keep the property, rent it or sell it?
And what happens when family members don’t agree?
If you’re facing some of these questions, you’re not expected to know all the answers.
I’ve helped families and successor trustees work through these decisions, and one thing I’ve learned is that even a complicated situation becomes much more manageable when it’s broken down into the right pieces.
That’s why I created these Inherited Home Resources.
You can start at the beginning or simply choose the question that’s most important to you today.
START HERE
I Inherited a House. What Should I Do First?
If you’ve recently inherited a home or become responsible for one as successor trustee, this is a good place to begin.
We’ll walk through the first things to consider—from confirming who has authority to act and protecting the property to dealing with belongings, understanding your options, evaluating the numbers and deciding what actually needs to happen next.
Help With the Questions That Come Next
I’m the Successor Trustee. What Do I Need Before I Can Sell the House?
Successor trustees may need to address important trust, title and documentation issues before a home is ready to be sold.
We’ll talk about getting the right professionals involved early, confirming that the title company has the trust and estate documentation it needs, and avoiding preventable surprises later in the transaction.
Read: I’m the Successor Trustee. What Do I Need Before I Can Sell the House?
Where Do I Even Begin? A Guide to Selling a Parent’s Home
Sometimes the hardest part isn’t knowing what to do. It’s feeling overwhelmed by everything that needs to be done.
This article is about taking a home filled with decades of belongings and memories and beginning to move forward one manageable step at a time.
Read: Where Do I Even Begin? →
What Should We Do With Everything Inside the House?
For many families, this is the biggest hurdle of all.
What should family members keep? Should you have an estate sale? What can be donated? And when should you start removing things from the home?
You don’t have to figure all of this out before asking for help.
Read: What Should We Do With Everything Inside the House?
What Is a Date-of-Death Valuation—and When Might You Need One?
A retrospective or date-of-death valuation can be important for determining the estate’s or trust’s basis in an inherited property.
Learn what the valuation is, why an attorney or tax professional may request one, and why it’s worth addressing early.
Resource coming soon
Should You Fix Up an Inherited Home Before Selling?
Sometimes a few carefully selected improvements can produce a worthwhile return.
Sometimes the time and expense aren’t justified at all.
We’ll look at how to evaluate the likely return, the current market, the property’s condition and the family’s priorities before deciding whether to do the work or sell the home largely as-is.
Resource coming soon
Keep, Rent or Sell an Inherited Home?
Selling isn’t automatically the right answer.
Depending on the property and the family’s circumstances, keeping or renting the home may deserve consideration too.
We’ll look at the practical real estate considerations behind each option and the questions worth discussing with your attorney, CPA or financial advisor.
Resource coming soon
What Happens When Beneficiaries Don’t Agree?
Different family members can have very different ideas about what should happen to an inherited home.
The goal may not be to make everyone completely happy. It may be to make a thoughtful, well-informed decision based on good information—one that the person responsible can explain and support.
Resource coming soon
Selling a Home as Successor Trustee: What Should You Expect?
Selling a property held in a trust can involve considerations that aren’t part of an ordinary home sale.
We’ll walk through the real estate side of the process, including preparing the property, coordinating vendors, marketing the home, reviewing offers and navigating escrow.
Resource coming soon
How Much Will We Actually Net From an Inherited Home Sale?
The expected selling price is only one part of the decision.
Understanding likely expenses, preparation costs and estimated net proceeds can make it much easier to compare your options and decide how much work—if any—makes financial sense before selling.
Resource coming soon
Experience Matters—Especially When the Situation Isn’t Ordinary
Inherited-home sales aren’t simply about putting a house on the market.
There may be decades of belongings to address, family members in different locations, vendors to coordinate, decisions about repairs and improvements, estate or trust considerations, and sometimes several people who need to understand why particular decisions are being made.
I pursued specialized real estate education in trust and probate matters because clients facing these situations deserve guidance from someone who understands their unique challenges.
But education is only part of it.
Experience has taught me how important it is to anticipate the next question, break an overwhelming project into manageable pieces, coordinate the people who can help, and keep the process moving forward.
A recent successor trustee described his experience this way:
“Janey is an expert in trust/estate matters and her knowledge of that process was invaluable… I do not think that I could have sold the home without her support.”
— Recent Trust Sale Client, San Fernando Valley
That is exactly the kind of support I want families to feel they have.
You Don’t Have to Figure This Out Alone
You don’t need to empty the house before calling me.
You don’t need to know whether you should remodel.
You don’t need to have every family member in agreement.
And you don’t need to know yet whether selling is even the right answer.
We can start with where you are today, identify the questions that actually need answers, and put the decisions in a logical order.
If an attorney, CPA or other professional needs to weigh in on a particular issue, we’ll identify that too.
Sometimes knowing what to do next is enough to make the entire situation feel more manageable.
Your Next Step
If you’ve inherited a home in Los Angeles or Ventura County, or you’re serving as successor trustee and aren’t sure where to begin, I’m happy to have a conversation with you.
No perfectly organized paperwork required.
No cleaned-out house required.
No final decision required.
Just bring your questions. We’ll start there.
— Janey Bishop
Independent Real Estate Broker
DRE #01838769