AIE 159: What To Do When You Inherit a Property (or Bequeath One)
Adulting Is Easy: Making Personal Finance & Real Estate Easy
English - January 02, 2024 12:00 - 34 minutes - 31.6 MB - ★★★★ - 7 ratingsSelf-Improvement Education Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Lauren starts by asking Ruthie how you inherit a property. It’s important to have a plan for your assets. You can leave property to others through a will or trust. Another way is from rule of law. It sounds like you should choose the will or trust route. There are some obvious benefits from inheriting a property. You don’t have to come up with the money and go through the process of buying one! Unfortunately, there are downsides too. Firstly, someone who is most likely close to you has died and that’s sad. You don’t get to choose the property. Also, there can be complicated family dynamics. Pro tip: have conversations before you pass away
about what your wishes are! Transfer as much knowledge as you can. Also, when inheriting a property, you also often inherit tenants. It’s imperative you do networking and build your team. Lauren’s number 1 takeaway is to get an appraisal when you first inherit the property. Try to physically go there too. At the end of the day, you need to decide if having the inherited property fits into your life at the time you inherit it. If not, it’s OK to sell!
If you liked this episode, you’ll also like episode 33 (5 Talks You Should Have with Your Parents) and 38 (Financial Abuse).
About Ruthie:
Ruthie is new to the Twitter / X space, and is just starting to build her connections to others who are inheriting “mom & pop” rentals. You can find her on Twitter at RuthieRentals.
Connect with Ruthie:
https://twitter.com/ruthierentals
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/